April Net Tax Revenues Up 24.2%
Atlanta, GA - Georgia’s April net tax collections totaled $2.87 billion for an increase of $559.7 million, or 24.2 percent, compared to April 2018 when net tax collections totaled $2.31 billion. Year-to-date, net tax collections totaled $19.91 billion for an increase of almost $939.7 million, or 5 percent, compared to the previous fiscal year when net tax revenues totaled $18.97 billion.
Changes in the following tax categories explain April’s net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled over $1.58 billion for an increase of $454.6 million, or 40.3 percent, compared to last year when Income Tax collections totaled nearly $1.13 billion.
These components within Individual Income Tax combine for the net increase:
▪ Individual Income Tax refunds issued (net of voided checks) declined by $40 million, or -6.5 percent.
▪ Individual Income Tax Return payments increased by $307.2 million, or 48.9 percent, compared to last year.
▪ Individual Withholding payments for the month were up $70.7 million, or 7.9 percent.
▪ All other categories, including Non-Resident income tax payments, increased a combined $36.7 million.
Sales and Use Tax: Gross Sales and Use Tax collections totaled just over $1.1 billion in April, which was an increase of $73.5 million, or 7.1 percent, over April 2018. Net Sales and Use Tax increased by roughly $30.5 million, or 5.6 percent, over last fiscal year when net sales tax totaled $544.1 million. The adjusted Sales Tax distribution to local governments totaled $524.8 million for an increase of $43.3 million, or 9 percent, over last year. Lastly, Sales Tax Refunds declined by roughly $0.3 million, or -7.1 percent, compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections totaled $310.4 million for an increase of $69.2 million, or 28.7 percent, over last year when corporate tax collections totaled $241.2 million.
These components within Corporate Income Tax comprise the net increase:
▪ Corporate Income Tax refunds (net of voids) increased by $1.1 million, or 5.4 percent over last year.
▪ Corporate Income Tax Estimated payments received were up $57.9 million, or 43.8 percent.
▪ Corporate Income Tax Return payments increased by $7.7 million, or 6.5 percent.
▪ All other Corporate Tax types, including S-Corp tax payments, were up a combined $4.7 million.
Motor Fuel Taxes: Motor Fuel Tax collections fell nearly $1.2 million, or -0.7 percent, compared to FY 2018.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by $2.2 million, or 6.1 percent, in April while Title Ad Valorem Tax (TAVT) collections declined by $2.7 million, or -3.6 percent, compared to FY 2018.
Cody Hall, Press Secretary email@example.com