For immediate release June 6, 2018 Office of Communications (404) 651-7774 Deal: May tax revenues up 1.8 percent Gov. Nathan Deal today announced that Georgia's net tax collections for May totaled almost $1.76 billion, for an increase of $31.5 million, or 1.8 percent, compared to last year when net tax collections totaled nearly $1.73 billion. Year-to-date, net tax collections totaled $20.73 billion, for an increase of $940.8 million, or 4.8 percent, compared to May 2017, when net tax revenues totaled roughly $19.79 billion. The changes within the following tax categories contributed to the overall net tax revenue increase in May: Individual Income Tax: Individual Income Tax collections for May increased by $12.4 million, or 1.4 percent, compared to last year when Income Tax collections totaled $871.4 million. The following notable components within Individual Income Tax combine for the net increase: Individual Income Tax refunds issued (net of voided checks) were up $26 million, or 17.6 percent. Individual Withholding payments were up $43.3 million, or 4.7 percent. Individual Income Tax Return payments were down roughly $7.9 million, or -18.7 percent. All other Individual Tax categories, including Non-Resident Return payments, were up a combined $3 million. Sales and Use Tax: Gross Sales and Use Tax collections totaled almost $975.8 million, for an increase of $65.5 million, or 7.2 percent, over last year. Net Sales and Use Tax increased by nearly $15.6 million, or 3.3 percent, compared to May 2017, when net sales tax totaled $479.1 million. The adjusted distribution of sales tax to local governments totaled $473.1 million, for an increase of $46.1 million, or 10.8 percent, over last year. Finally, sales tax refunds increased by roughly $3.8 million, or 90.7 percent, to a total of $8.1 million. Corporate Income Tax: Corporate Income Tax collections for May increased by $5.3 million, or 15.8 percent, compared to last year when Corporate Tax collections totaled $33.4 million. The following notable components within Corporate Income Tax make up the net increase: Corporate Income Tax refunds issued (net of voided checks) were down $10.7 million, or - 43.2 percent. Corporate Income Tax payments were down $3.7 million, or -23.5 percent. All other Corporate Tax categories, including S-Corp payments, were down approximately $1.7 million. Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled almost $151.7 million, for an increase of $4.9 million, or 3.3 percent, compared to May 2017. Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month totaled $32.1 million, for an increase of $2.4 million, or 8.2 percent, over last year. Title Ad Valorem Tax (TAVT) collections decreased by nearly $1.9 million, or -2.4 percent, compared to May 2017, when TAVT collections totaled $75.9 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 May 2018 May 2017 $ 883,802 $ 871,425 $ 38,698 $ 33,408 $ Change $ 12,377 $ 5,290 Sales and Use Tax - General: Sales and Use Tax - Gross (Note 2b) $ Local Distribution (Note 1) $ Adjustments \ Refunds $ Net Sales and Use Tax - General $ 975,843 $ (473,092) $ (8,102) $ 494,648 $ 910,344 $ (427,035) $ (4,249) $ 479,060 $ 65,499 (46,058) (3,853) 15,588 Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax $ 151,675 $ 146,806 $ 4,869 $ 17,598 $ 17,553 $ 45 $ 15,730 $ 15,105 $ 625 $ 40 $ 24 $ 16 Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax Motor Vehicle Subtotal $ 737 $ 1,200 $ (463) $ 32,108 $ 29,674 $ 2,434 $ 74,074 $ 75,934 $ (1,860) $ 106,919 $ 106,808 $ 111 Total Net Taxes - Subtotal $ Interest, Fees and Sales: Hotel \ Motel Fees $ Other Interest, Fees & Sales (Note 3) $ 1,709,112 $ 15,548 $ 33,399 $ 1,670,190 $ 15,101 $ 41,276 $ 38,922 447 (7,877) Total State General Fund Receipts $ 1,758,059 $ 1,726,567 $ 31,492 % Change 1.4% 15.8% 7.2% -10.8% -90.7% 3.3% 3.3% 0.3% 4.1% 67.1% -38.6% 8.2% -2.4% 0.1% 2.3% 3.0% -19.1% 1.8% 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 $ 10,695,999 $ 821,606 FY 2017 $ 10,019,501 $ 778,627 $ Change % Change $ 676,498 $ 42,979 6.8% 5.5% $ 10,552,790 $ 9,889,061 $ 663,729 $ (5,054,453) $ (4,552,814) $ (501,638) $ (67,059) $ (89,198) $ 22,139 $ 5,431,277 $ 5,247,048 $ 184,229 $ 1,640,950 $ 1,592,086 $ 48,864 $ 203,051 $ 199,990 $ 3,061 $ 177,386 $ 175,695 $ 1,692 $ 1,396 $ 1,338 $ 58 $ 13,977 $ 14,189 $ (213) $ 362,918 $ 333,802 $ 29,115 $ 841,362 $ 907,853 $ (66,491) $ 1,218,256 $ 1,255,845 $ (37,589) $ 20,189,922 $ 19,270,129 $ 919,793 6.7% -11.0% 24.8% 3.5% 3.1% 1.5% 1.0% 4.4% -1.5% 8.7% -7.3% -3.0% 4.8% $ 159,247 $ 156,690 $ 2,557 $ 379,180 $ 360,755 $ 18,425 $ 20,728,349 $ 19,787,575 $ 940,774 1.6% 5.1% 4.8% 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.