Press release [July 11, 2017]

For immediate release July 11, 2017

Office of Communications (404) 651-7774

Deal: June tax revenues up 2.6 percent

Gov. Nathan Deal today announced that Georgia's net tax collections for June totaled nearly $1.96 billion, for an increase of $50.2 million, or 2.6 percent, over last year. Year-to-date, net tax revenue collections totaled almost $21.75 billion, for an overall increase of $930.5 million, or 4.5 percent, compared to June 2016, when net tax revenues totaled $20.81 billion.
The changes within the following tax categories contributed to the overall net tax revenue increase in June:
Individual Income Tax: Individual Income Tax collections for the month totaled $958.2 million, up from $929.7 million in June 2016, for an increase of roughly $28.5 million, or 3.1 percent.
The following notable components within Individual Income Tax combine for the net increase: Individual Income Tax Withholding payments were up $32.5 million, or 3.9 percent. Income Tax refunds, totaling $139.4 million during the month, were up $29.7 million, or 27.1 percent. Individual Income Tax Estimated Return payments were up $12.1 million, or 8.2 percent. All other Individual Tax categories, including Non-Resident payments, were up $13.6 million, or 21.7 percent.

Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled nearly $931.2 million, for an increase of approximately $61.4 million, or 7.1 percent, over last year. Net Sales and Use Tax revenue increased $31 million, or 6.9 percent, compared to June 2016, when net sales tax totaled roughly $452 million. The adjusted distribution of sales tax to local governments totaled $442.6 million, which was an increase of $39.1 million, or 9.7 percent, over June 2016. Finally, sales tax refunds decreased by $8.7 million compared to last year.
Corporate Income Tax: Corporate Income Tax collections during June totaled nearly $193.3 million, for an increase of $15.2 million, or 8.5 percent, compared to last year when net Corporate Tax revenues totaled $178.1 million.
The following components within Corporate Income Tax make up the net increase: Corporate Tax Estimated Return payments were up nearly $11.3 million, or 6.6 percent. Corporate Income Tax refunds decreased by $10.9 million, or -55.6 percent, from last year. All other Corporate Taxes, including S-Corp and Return payments, were down $7 million, or
-25.6 percent.
Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled $148.9 million, which was an increase of nearly $1.3 million, or 0.9 percent, compared to June 2016.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections for June decreased approximately $3.2 million, or -9.5 percent, compared to June 2016. Title Ad Valorem Tax (TAVT) collections totaled $71.6 million, for a decrease of $11.4 million, or -13.7 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

June 2017

June 2016

$

958,191 $

929,710

$

193,271 $

178,055

$ Change

$

28,481

$

15,215

Sales and Use Tax - General:

Sales and Use Tax - Gross (Note 2b)

$

Local Distribution (Note 1)

$

Adjustments \ Refunds

$

Net Sales and Use Tax - General

$

931,158 $ (442,562) $
(5,599) $ 482,997 $

869,718 $ (403,419) $
(14,318) $ 451,981 $

61,439 (39,143)
8,719 31,016

Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax

$

148,878 $

147,598 $

1,280

$

20,784 $

20,171 $

613

$

17,743 $

16,996 $

748

$

61 $

170 $

(109)

Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax
Motor Vehicle Subtotal

$

879 $

1,616 $

(738)

$

30,452 $

33,661 $

(3,209)

$

71,642 $

83,057 $

(11,416)

$

102,972 $

118,334 $

(15,362)

Total Net Taxes - Subtotal

$

Interest, Fees and Sales:

Hotel \ Motel Fees

$

Other Interest, Fees & Sales (Note 3)

$

1,924,897 $
15,174 $ 17,459 $

1,863,016 $

61,881

14,574 $ 29,754 $

600 (12,296)

Total State General Fund Receipts

$

1,957,530 $

1,907,345 $

50,185

% Change
3.1% 8.5%
7.1% -9.7% 60.9% 6.9% 0.9% 3.0% 4.4% -64.2%
-45.6% -9.5%
-13.7% -13.0%
3.3%
4.1% -41.3%
2.6%

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

$

10,977,693

$

971,898

FY 2016

$

10,439,534

$

981,003

$ Change % Change

$

538,159

$

(9,105)

5.2% -0.9%

$

10,820,218 $

10,486,544 $

333,675

$

(4,995,377) $

(4,890,521) $ (104,855)

$

(94,797) $

(119,243) $

24,446

$

5,730,045 $

5,476,779 $

253,266

$

1,740,963 $

1,655,028 $

85,936

$

220,774 $

219,870 $

903

$

193,438 $

190,472 $

2,966

$

1,399 $

13,803 $

(12,404)

$

15,068 $

14,392 $

675

$

364,255 $

366,718 $

(2,464)

$

979,494 $

939,049 $

40,445

$

1,358,817 $

1,320,160 $

38,657

$

21,195,026 $

20,296,650 $ 898,377

3.2% -2.1% 20.5% 4.6%
5.2% 0.4% 1.6% -89.9%
4.7% -0.7% 4.3% 2.9%
4.4%

$

171,864 $

150,672 $

21,193

$

378,214 $

367,279 $

10,935

$

21,745,105 $

20,814,601 $ 930,504

14.1% 3.0%
4.5%

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.