For immediate release June 5, 2017 Office of Communications (404) 651-7774 Deal: May tax revenues up 10.3 percent Gov. Nathan Deal today announced that Georgia's net tax collections for May totaled nearly $1.73 billion, for an increase of $161.5 million, or 10.3 percent, compared to May 2016. Year-to-date, net tax revenue collections totaled roughly $19.79 billion, for an increase of $880.3 million, or 4.7 percent, over last year when net tax revenues totaled $18.91 billion. The changes within the following tax categories account for the net tax revenue increase in May: Individual Income Tax: Individual Income Tax collections for the month totaled $871.4 million, up from $740.8 million in May 2016, for an increase of $130.6 million, or 17.6 percent. The following notable components within Individual Income Tax combine for the net increase: Income Tax refunds, totaling $147.9 million during the month, were down $51.3 million, or -25.8 percent. Individual Income Tax Withholding payments were up $84.8 million, or 10.1 percent. All other Individual Tax categories, including Estimated payments, were down a combined $5.5 million, or -5.6 percent. Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $910.3 million, for an increase of $45.9 million, or 5.3 percent, compared to May 2016. Net Sales and Use Tax revenue increased by nearly $16.3 million, or 3.5 percent, compared to last year when net sales and use totaled $462.8 million. The adjusted distribution of sales tax to local governments totaled $427 million, for an increase of $25.3 million, or 6.3 percent, compared to May 2016. Sales tax refunds increased by nearly $4.3 million compared to last year. Corporate Income Tax: Corporate Income Tax collections for May totaled $33.4 million, for an increase of $6.3 million, or 23.2 percent, compared to last year when net Corporate Tax revenues totaled $27.1 million. The following notable components within Corporate Income Tax combine for the net increase: Corporate Income Tax Return payments were up $10.3 million, or 183.9 percent. Corporate Income Tax refunds, totaling nearly $24.8 million, were up $25 million. Corporate Tax Estimated Return payments were up $23.1 million, or 136.1 percent. All other Corporate Tax categories, including S-Corp and Net Worth payments, were down approximately $2.1 million. Motor Fuel Taxes: Motor Fuel Tax collections in May totaled $146.8 million, for an increase of roughly $1.7 million, or 1.1 percent, compared to last year. Motor Vehicle Tag & Title Fees: Tag and Title Fee collections for May increased by approximately $0.7 million, or 2.2 percent, compared to May 2016. Title Ad Valorem Tax (TAVT) collections for the month totaled $75.9 million, for a decrease of nearly $2.5 million, or -3.1 percent, compared to last year. Jen Talaber Ryan jen.ryan@georgia.gov Alyssa Botts abotts@georgia.gov GEORGIA DEPARTMENT OF REVENUE Comparative Summary of State General Fund Receipts (unaudited - 000's) State General Fund Receipts Net Tax Revenues: Income Tax - Individual Income Tax - Corporate For the Month Ended May 2017 May 2016 $ 871,425 $ 740,834 $ 33,408 $ 27,116 $ Change $ 130,591 $ 6,292 Sales and Use Tax - General: Sales and Use Tax - Gross (Note 2b) $ Local Distribution (Note 1) $ Adjustments \ Refunds $ Net Sales and Use Tax - General $ 910,344 $ (427,035) $ (4,249) $ 479,060 $ 864,468 $ (401,691) $ 17 $ 462,794 $ 45,876 (25,344) (4,265) 16,266 Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax $ 146,806 $ 145,150 $ 1,656 $ 17,553 $ 15,854 $ 1,699 $ 15,105 $ 15,394 $ (289) $ 24 $ 163 $ (139) Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax Motor Vehicle Subtotal $ 1,200 $ 1,472 $ (272) $ 29,674 $ 29,023 $ 651 $ 75,934 $ 78,396 $ (2,462) $ 106,808 $ 108,891 $ (2,083) Total Net Taxes - Subtotal $ Interest, Fees and Sales: Hotel \ Motel Fees $ Other Interest, Fees & Sales (Note 3) $ 1,670,190 $ 15,101 $ 41,276 $ 1,516,196 $ 153,993 15,086 $ 33,741 $ 15 7,535 Total State General Fund Receipts $ 1,726,567 $ 1,565,024 $ 161,542 % Change 17.6% 23.2% 5.3% -6.3% 3.5% 1.1% 10.7% -1.9% -85.3% -18.5% 2.2% -3.1% -1.9% 10.2% 0.1% 22.3% 10.3% State General Fund Receipts Net Tax Revenues: Income Tax - Individual Income Tax - Corporate Sales and Use Tax - General: Sales and Use Tax - Gross (Note 2b) Local Distribution (Note 1) Adjustments \ Refunds Net Sales and Use Tax - General Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax Motor Vehicle Subtotal Total Net Taxes - Subtotal Interest, Fees and Sales: Hotel \ Motel Fees Other Interest, Fees & Sales (Note 3) Total State General Fund Receipts FY 2017 $ 10,019,501 $ 778,627 FY 2016 $ 9,509,824 $ 802,948 $ Change % Change $ 509,678 $ (24,320) 5.4% -3.0% $ 9,889,061 $ 9,616,825 $ 272,235 $ (4,552,814) $ (4,487,102) $ (65,712) $ (89,198) $ (104,925) $ 15,727 $ 5,247,048 $ 5,024,798 $ 222,250 $ 1,592,086 $ 1,507,430 $ 84,656 $ 199,990 $ 199,699 $ 290 $ 175,695 $ 173,476 $ 2,218 $ 1,338 $ 13,633 $ (12,295) $ 14,189 $ 12,776 $ 1,413 $ 333,802 $ 333,058 $ 745 $ 907,853 $ 855,992 $ 51,861 $ 1,255,845 $ 1,201,826 $ 54,019 $ 19,270,129 $ 18,433,634 $ 836,496 2.8% -1.5% 15.0% 4.4% 5.6% 0.1% 1.3% -90.2% 11.1% 0.2% 6.1% 4.5% 4.5% $ 156,690 $ 136,097 $ 20,592 $ 360,755 $ 337,525 $ 23,230 $ 19,787,575 $ 18,907,256 $ 880,318 15.1% 6.9% 4.7% Footnotes: 1. The Local Distribution is adjusted with an accrual to reflect payment activity that occurs after the actual distribution (3 business days prior to the end of a month). 2. Both the a) 3% State Prepaid Motor Fuel Tax and b) 1% State Motor Fuel Sales Tax (2nd Motor Fuel) were repealed by Transportation Funding Act (HB 170). 3. "Other Interest, Fees & Sales" include payments that have been deposited in the bank, but for which returns may not have been processed. These undistributed tax payments are then re-classified (once the return is processed) to the appropriate revenue tax account. "Other" also includes Unclaimed Property collections.