For immediate release March 9, 2018 Office of Communications (404) 651-7774 Deal: February tax revenues up 4.8 percent Gov. Nathan Deal today announced that Georgia's net tax collections for February totaled $1.23 billion, for an increase of nearly $55.9 million, or 4.8 percent, compared to last year when net tax collections totaled almost $1.18 billion. Year-to-date, net tax collections totaled $15.1 billion, for an increase of roughly $868.8 million, or 6.1 percent, over February 2017, when net tax revenues totaled $14.23 billion. The changes within the following tax categories contributed to the overall net tax revenue increase in February: Individual Income Tax: Individual Income Tax collections for the month totaled $476.5 million, up from $451.9 million in February 2017, for an increase of $24.6 million, or 5.4 percent. The following notable components within Individual Income Tax combine for the net increase: Individual Income Tax refunds issued (net of voided checks) were up $43.5 million, or 8.1 percent. Individual Withholding payments were up approximately $54.2 million, or 5.8 percent. Individual Income Tax Return payments were up $16 million, or 142.2 percent. All other Individual Tax categories, including Estimated Return payments, were down a combined $2.1 million. Sales and Use Tax: Gross Sales and Use Tax collections deposited during the month totaled nearly $899.7 million, for an increase of $87.7 million, or 10.8 percent, over last year. Net Sales and Use Tax revenue totaled $459.5 million, for an increase of $38.6 million, or 9.2 percent, compared to February 2017, when net sales tax totaled almost $420.9 million. The adjusted distribution of sales tax to local governments totaled $434.3 million, for an increase of $49.6 million, or 12.9 percent, over last year. Finally, sales tax refunds decreased by roughly $0.6 million, or -8.6 percent, compared to last year. Corporate Income Tax: Corporate Income Tax collections and refunds for February combined for a net decrease of roughly $5.6 million, or -23.8 percent, compared to the previous fiscal year when net Corporate Tax refund outlays outstripped revenue collections by a total of $23.3 million. The following components within Corporate Income Tax make up the net decrease: Corporate Income Tax refunds issued (net of voids) were up $12.7 million, or 28.3 percent. Corporate Income Tax Estimated payments were up $1.1 million, or 7.3 percent. All other Corporate Tax categories, including Corporate Return payments, were up a combined $6 million. Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled almost $142.8 million, for an increase of $4.1 million, or 3 percent, compared to February 2017. Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for February increased by less than $0.4 million, or 1 percent, compared to last year. Title Ad Valorem Tax (TAVT) collections increased by roughly $1.4 million, or 1.7 percent, compared to February 2017, when TAVT collections totaled $82.2 million. Jen Talaber Ryan jen.ryan@georgia.gov John Vaughan john.vaughan@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 February 2018 February 2017 $ Change $ 476,535 $ 451,921 $ 24,614 $ (28,904) $ (23,348) $ (5,556) Sales and Use Tax - General: Sales and Use Tax - Gross (Note 2b) $ Local Distribution (Note 1) $ Adjustments \ Refunds $ Net Sales and Use Tax - General $ 899,651 $ (434,301) $ (5,884) $ 459,466 $ 811,970 $ (384,668) $ (6,440) $ 420,862 $ 87,681 (49,633) 556 38,604 Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax $ 142,766 $ 138,668 $ 4,098 $ 17,594 $ 16,960 $ 634 $ 13,873 $ 13,376 $ 497 $ 16 $ 48 $ (32) Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax Motor Vehicle Subtotal $ 3,738 $ 2,022 $ 1,716 $ 36,954 $ 36,598 $ 356 $ 83,529 $ 82,166 $ 1,363 $ 124,221 $ 120,785 $ 3,436 Total Net Taxes - Subtotal $ Interest, Fees and Sales: Hotel \ Motel Fees $ Other Interest, Fees & Sales (Note 3) $ 1,205,567 $ 12,965 $ 12,859 $ 1,139,272 $ 66,295 12,967 $ 23,299 $ (2) (10,440) Total State General Fund Receipts $ 1,231,391 $ 1,175,538 $ 55,853 % Change 5.4% -23.8% 10.8% -12.9% 8.6% 9.2% 3.0% 3.7% 3.7% -67.4% 84.9% 1.0% 1.7% 2.8% 5.8% -0.02% -44.8% 4.8% 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 2018 $ 7,973,277 $ 460,329 FY 2017 $ 7,286,946 $ 419,439 $ Change % Change $ 686,330 $ 40,889 9.4% 9.7% $ 7,660,471 $ 7,182,947 $ 477,524 $ (3,674,680) $ (3,318,257) $ (356,423) $ (44,243) $ (62,563) $ 18,320 $ 3,941,548 $ 3,802,128 $ 139,421 $ 1,193,698 $ 1,165,997 $ 27,701 $ 150,249 $ 149,236 $ 1,013 $ 130,445 $ 129,556 $ 889 $ 1,352 $ 1,296 $ 55 $ 9,541 $ 8,752 $ 790 $ 257,375 $ 244,653 $ 12,722 $ 627,800 $ 671,978 $ (44,179) $ 894,716 $ 925,384 $ (30,667) $ 14,745,614 $ 13,879,983 $ 865,630 6.6% -10.7% 29.3% 3.7% 2.4% 0.7% 0.7% 4.3% 9.0% 5.2% -6.6% -3.3% 6.2% $ 114,191 $ 112,390 $ 1,802 $ 241,750 $ 240,431 $ 1,320 $ 15,101,555 $ 14,232,803 $ 868,752 1.6% 0.5% 6.1% 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.