February Net Tax Revenues Up 5.5%
Atlanta, GA - The State of Georgia’s net tax collections for February totaled almost $1.3 billion for an increase of $67.6 million - or 5.5 percent - compared to February 2018 when net tax collections totaled roughly $1.23 billion. Year-to-date, net tax collections totaled $15.37 billion for an increase of $270.5 million - or 1.8 percent - compared to the previous fiscal year when net tax revenues totaled $15.10 billion after eight months.
The changes within the following tax categories further explain February’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled roughly $469.2 million, which was a decrease of $7.4 million - or -1.5 percent - compared to last year when Income Tax collections totaled $476.5 million. The following notable components within Individual Income Tax combine for the net decrease:
- Individual Income Tax refunds issued (net of voided checks) were down $24 million - or -4.1 percent.
- Individual Withholding payments fell by $28.5 million - or -2.9 percent - compared to last year.
- Individual Income Tax Return payments were down $14.5 million - or -53.1 percent.
- All other Individual Tax categories, including Tax Assessment payments, were up a combined $11.6 million.
Sales and Use Tax: Gross Sales and Use Tax collections increased by nearly $66.5 million - or 7.4 percent - to a total of $966.1 million for the month. Net Sales and Use Tax increased by $18.7 million - or 4.1 percent - compared to February 2018 when net sales tax totaled $459.5 million. The adjusted Sales Tax distribution to local governments totaled $483.3 million for an increase of $49 million - or 11.3 percent - over the previous fiscal year. Lastly, Sales Tax Refunds fell by nearly $1.3 million - or 21.7 percent - compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections for the month totaled $17.3 million, which was an increase of $46.2 million - or 159.9 percent - compared to FY 2018. The following notable components within Corporate Income Tax comprise the net increase:
- Corporate Income Tax refunds issued (net of voids) were down $47.3 million - or -82.1 percent.
- Corporate Income Tax Return payments decreased by $3.7 million - or -45.3 percent.
- All other Corporate Tax types, including Corporate Estimated Tax payments, were up a combined $2.6 million.
Motor Fuel Taxes: Motor Fuel Tax collections increased by $5.4 million, or 3.8 percent, compared to FY 2018.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by nearly $3.2 million - or 8.6 percent - for the month, while Title Ad Valorem Tax (TAVT) collections decreased by $2.6 million - or -3.1 percent - from last year’s total of $83.5 million.