For immediate release August 6, 2018 Office of Communications (404) 651-7774 Deal: July tax revenues up 3.5 percent Gov. Nathan Deal today announced that Georgia's net tax collections for July, the first month of FY 2019, totaled nearly $1.78 billion, for an increase of $59.4 million, or 3.5 percent, compared to last year when net tax collections totaled almost $1.72 billion. July's gross tax revenue receipts totaled $2.41 billion, for an increase of $136 million, or 6 percent, over July 2017. The changes within the following tax categories contributed to the overall net tax revenue increase in July: Individual Income Tax: Individual Income Tax collections for July totaled $897.1 million, for an increase of $35.6 million, or 4.1 percent, compared to last year when Individual Income Tax collections totaled $861.5 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 $29.6 million, or 34.4 percent. Individual Withholding payments were up $53.7 million, or 6 percent. All other Individual Tax categories, including Estimated Tax payments, were up a combined $11.5 million. Sales and Use Tax: Gross Sales and Use Tax collections increased by $66.2 million, or 6.9 percent, over last year. Net Sales and Use Tax increased by nearly $15.1 million, or 3 percent, compared to July 2017, when net sales tax totaled almost $508.8 million. The adjusted distribution of sales tax to local governments totaled $493.6 million, for an increase of $48.9 million, or 11 percent, over last year. Finally, sales tax refunds increased by roughly $2.2 million, or 56.2 percent, compared to July 2017. Corporate Income Tax: Corporate Income Tax collections for July totaled roughly $31.9 million, for an increase of $12.5 million, or 64.7 percent, compared to last year when net Corporate Tax revenues totaled nearly $19.4 million. The following notable components within Corporate Income Tax make up the net increase: Corporate Income Tax refunds issued (net of voided checks) were up $1.6 million, or 9.4 percent. Corporate Income Tax Estimated Return payments were up $12.6 million, or 48.5 percent. All other Corporate Tax payments were up roughly $1.5 million, or 14.7 percent. Motor Fuel Taxes: Motor Fuel Tax collections during the month increased by $7.7 million, or 5.3 percent, compared to last year when Motor Fuel Tax collections totaled nearly $146 million. Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month decreased by $5.1 million, or -15.2 percent, compared to last year when Motor Vehicle Tag & Title Fees totaled $33.6 million. Title Ad Valorem Tax (TAVT) collections totaled almost $72.6 million, for a decrease of $8.9 million, or -10.9 percent, over last year. 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 July 2018 July 2017 $ 897,135 $ 861,512 $ 31,893 $ 19,363 $ Change $ 35,623 $ 12,530 Sales and Use Tax - General: Sales and Use Tax - Gross (Note 2b) $ 1,023,675 $ Local Distribution (Note 1) $ (493,633) $ Adjustments \ Refunds $ (6,229) $ Net Sales and Use Tax - General $ 523,812 $ 957,429 $ (444,689) $ (3,989) $ 508,751 $ 66,246 (48,944) (2,241) 15,061 Motor Fuel Taxes (Note 2a) Tobacco Taxes Alcoholic Beverages Tax Property Tax $ 153,713 $ 145,964 $ 7,749 $ 19,230 $ 20,110 $ (880) $ 17,255 $ 17,968 $ (712) $ 7$ 10 $ (3) Motor Vehicle Revenues: Highway Impact Fees Tag, Title and Fees Title Ad Valorem Tax Motor Vehicle Subtotal $ 709 $ 686 $ 23 $ 28,519 $ 33,617 $ (5,098) $ 72,580 $ 81,475 $ (8,895) $ 101,808 $ 115,778 $ (13,970) Total Net Taxes - Subtotal $ Interest, Fees and Sales: Hotel \ Motel Fees $ Other Interest, Fees & Sales (Note 3) $ 1,744,853 $ 15,851 $ 18,079 $ 1,689,456 $ 15,189 $ 14,744 $ 55,398 661 3,335 Total State General Fund Receipts $ 1,778,784 $ 1,719,389 $ 59,395 % Change 4.1% 64.7% 6.9% -11.0% -56.2% 3.0% 5.3% -4.4% -4.0% -31.8% 3.3% -15.2% -10.9% -12.1% 3.3% 4.4% 22.6% 3.5% 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 2019 $ 897,135 $ 31,893 FY 2018 $ 861,512 $ 19,363 $ Change % Change $ 35,623 $ 12,530 4.1% 64.7% $ 1,023,675 $ $ (493,633) $ $ (6,229) $ $ 523,812 $ $ 153,713 $ $ 19,230 $ $ 17,255 $ $ 7$ 957,429 $ (444,689) $ (3,989) $ 508,751 $ 145,964 $ 20,110 $ 17,968 $ 10 $ 66,246 (48,944) (2,241) 15,061 7,749 (880) (712) (3) $ 709 $ 686 $ 23 $ 28,519 $ 33,617 $ (5,098) $ 72,580 $ 81,475 $ (8,895) $ 101,808 $ 115,778 $ (13,970) $ 1,744,853 $ 1,689,456 $ 55,398 6.9% -11.0% -56.2% 3.0% 5.3% -4.4% -4.0% -31.8% 3.3% -15.2% -10.9% -12.1% 3.3% $ 15,851 $ 15,189 $ 661 $ 18,079 $ 14,744 $ 3,335 $ 1,778,784 $ 1,719,389 $ 59,395 4.4% 22.6% 3.5% 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.