July Net Tax Revenues Up 3.1%
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For Immediate Release Monday August 12 2019
July Net Tax Revenues Up 3.1%
Atlanta GA The State of Georgia s net tax collections in the first month of fiscal year 2020 totaled roughly $1.83 billion for an increase of $55.7 million or 3.1% compared to last year when net tax collections totaled almost $1.78 billion. July s gross tax revenue receipts totaled $2.48 billion for an increase of $71.9 million or 3% over July 2018.
Changes in the following tax categories account for July s overall net tax revenue increase
Individual Income Tax Individual Income Tax collections during the month totaled $969.6 million up from $897.1 million in July 2018 for an increase of $72.5 million or 8.1%.
The following components in Individual Income Tax combine for the net increase
Individual Income Tax refunds issued (net of voided checks) decreased by $41.5 million or -35.9%.
Income Tax Withholding payments for July increased by $19.5 million or 2% over last year.
All other Individual Tax categories including Estimated Tax payments increased a combined $11.5 million.
Sales and Use Tax Gross Sales and Use Tax collections totaled $1.06 billion in July for an increase of $36.9 million or 3.6% over last year. Net Sales and Use Tax increased roughly $11 million or 2.1% compared to fiscal year 2019 when Net Sales Tax revenue totaled $523.8 million. The adjusted Sales Tax distribution to local governments totaled $522.5 million for an increase of $28.9 million or 5.9% over last fiscal year. Lastly Sales Tax refunds fell by nearly $3 million or -47.8% compared to last July.
Corporate Income Tax Net Corporate Income Tax collections decreased by $31.4 million or -98.4% compared to fiscal year 2019 when net Corporate Tax revenues totaled nearly $31.9 million in July.
8/14/2019 8 29 AM
July Net Tax Revenues Up 3.1%
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8/14/2019 8 29 AM