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.