For immediate release July 9, 2018 Office of Communications (404) 651-7774 Deal: June tax revenues up 1 percent Net tax collections for the year up 4.4 percent compared to fiscal year 2017 Gov. Nathan Deal today announced that Georgia's net tax collections for June totaled $1.98 billion, for an increase of $20.5 million, or 1 percent, compared to last year when net tax collections totaled nearly $1.96 billion. Year-to-date, net tax collections totaled roughly $22.71 billion, for an increase of $961.3 million, or 4.4 percent, compared to June 2017, when net tax revenues totaled almost $21.75 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 June decreased by $10.4 million, or -1.1 percent, compared to last year when Income Tax collections totaled $958.2 million. The following notable components within Individual Income Tax combine for the net decrease: Individual Income Tax refunds issued (net of voided checks) were up $41 million, or 29.4 percent. Individual Withholding payments were up $24.6 million, or 2.9 percent. Individual Income Tax Estimated payments were up $11 million, or 6.9 percent. All other Individual Tax categories, including Non-Resident Return payments, were down a combined $5 million. Sales and Use Tax: Gross Sales and Use Tax collections totaled $992.5 million, for an increase of $61.3 million, or 6.6 percent, over last year. Net Sales and Use Tax increased by nearly $24.3 million, or 5 percent, compared to June 2017, when net sales tax totaled $483 million. The adjusted distribution of sales tax to local governments totaled $483.4 million, for an increase of $40.8 million, or 9.2 percent, over last year. Finally, sales tax refunds decreased by roughly $3.7 million, or 66.8 percent. Corporate Income Tax: Corporate Income Tax collections for June decreased by $10.6 million, or -5.5 percent, compared to last year when Corporate Tax collections totaled $193.3 million. The following notable components within Corporate Income Tax make up the net decrease: Corporate Income Tax refunds issued (net of voided checks) were up $23.2 million, or 266.7 percent. Corporate Income Tax payments were up $7.8 million, or 62.1 percent. All other Corporate Tax categories, including Corporate Estimated payments, were up roughly $4.8 million. Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled nearly $160.8 million, for an increase of $11.9 million, or 8 percent, compared to June 2017. Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month totaled $32.2 million, for an increase of almost $1.8 million, or 5.8 percent, over last year. Title Ad Valorem Tax (TAVT) collections increased by roughly $2.9 million, or 4 percent, compared to June 2017, when TAVT collections totaled $71.6 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 June 2018 June 2017 $ 947,782 $ 958,191 $ 182,691 $ 193,271 $ Change $ (10,409) $ (10,580) Sales and Use Tax - General: Sales and Use Tax - Gross (Note 2b) $ Local Distribution (Note 1) $ Adjustments \ Refunds $ Net Sales and Use Tax - General $ 992,472 $ (483,359) $ (1,857) $ 507,255 $ 931,158 $ (442,562) $ (5,599) $ 482,997 $ 61,314 (40,797) 3,741 24,259 Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax $ 160,763 $ 148,878 $ 11,885 $ 21,860 $ 20,784 $ 1,076 $ 18,310 $ 17,743 $ 566 $ 165 $ 61 $ 104 Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax Motor Vehicle Subtotal $ 861 $ 879 $ (18) $ 32,222 $ 30,452 $ 1,770 $ 74,493 $ 71,642 $ 2,852 $ 107,576 $ 102,972 $ 4,604 Total Net Taxes - Subtotal $ Interest, Fees and Sales: Hotel \ Motel Fees $ Other Interest, Fees & Sales (Note 3) $ 1,946,403 $ 15,208 $ 16,464 $ 1,924,897 $ 15,174 $ 17,459 $ 21,506 33 (994) Total State General Fund Receipts $ 1,978,075 $ 1,957,530 $ 20,545 % Change -1.1% -5.5% 6.6% -9.2% 66.8% 5.0% 8.0% 5.2% 3.2% 170.8% -2.0% 5.8% 4.0% 4.5% 1.1% 0.2% -5.7% 1.0% 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 $ 11,643,781 $ 1,004,298 FY 2017 $ 10,977,693 $ 971,898 $ Change % Change $ 666,089 $ 32,400 6.1% 3.3% $ 11,545,262 $ 10,820,218 $ 725,044 $ (5,537,812) $ (4,995,377) $ (542,436) $ (68,917) $ (94,797) $ 25,880 $ 5,938,533 $ 5,730,045 $ 208,488 $ 1,801,713 $ 1,740,963 $ 60,749 $ 224,910 $ 220,774 $ 4,137 $ 195,696 $ 193,438 $ 2,258 $ 1,562 $ 1,399 $ 163 $ 14,838 $ 15,068 $ (230) $ 395,140 $ 364,255 $ 30,885 $ 915,855 $ 979,494 $ (63,640) $ 1,325,832 $ 1,358,817 $ (32,985) $ 22,136,325 $ 21,195,026 $ 941,298 6.7% -10.9% 27.3% 3.6% 3.5% 1.9% 1.2% 11.6% -1.5% 8.5% -6.5% -2.4% 4.4% $ 174,454 $ 171,864 $ 2,590 $ 395,644 $ 378,214 $ 17,430 $ 22,706,424 $ 21,745,105 $ 961,319 1.5% 4.6% 4.4% 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.