Gov. Deal: November tax revenues up 7.5 percent

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Gov. Nathan Deal announced that Georgia’s net tax collections for November totaled $1.64 billion, for an increase of $109.7 million, or 7.5 percent, over November 2014. Year-to-date, net tax revenue collections totaled nearly $8.4 billion, an increase of $699.5 million, or 9.1 percent, compared to November 2014, when net tax revenues totaled almost $7.7 billion.

House Bill 170, which introduced an array of both tax reforms and new tax legislation beginning on July 1, generated transportation revenue of $76.7 million in November. As a result, the total net revenue for November 2015 increased by 12.8 percent over November 2014.

The changes below within the following tax categories contributed to November’s overall net tax revenue increase:

Individual Income Tax:  Individual Income Tax collections during the month totaled approximately $831.4 million, up from roughly $747.7 million in November 2014, for an increase of nearly $83.7 million, or 11.2 percent.

The following notable components within Individual Income Tax combine for the net increase:

•      Individual Income Tax Withholding payments were up $86 million, or 11.5 percent.

•      Income Tax refunds, totaling roughly $52.6 million during the month, were up $21.6 million, or 69.8 percent.

•      Individual Income Tax Estimated payments were up nearly $1.9 million, or 25.4 percent.
•      All other Individual Tax categories, including Return and Non-Resident payments, were up $17.4 million.

Sales and Use Tax:  Gross Sales Tax collections deposited during the month totaled $847.3 million, for an increase of roughly $1.9 million, or 0.2 percent, over November 2014. Net Sales Tax revenue decreased by nearly $5.8 million, or -1.3 percent, compared to the previous year, when net sales tax totaled $437.8 million. The adjusted distribution of sales and use tax to local governments totaled $399.4 million, an increase of less than $100,000, or 0.02 percent, compared to the previous year. Lastly, sales tax refunds increased by $7.6 million compared to November 2014.

Corporate Income Tax:  Corporate Income Tax collections in November increased by approximately $5.1 million, up from the previous fiscal year, when net Corporate Tax revenues totaled $2.5 million.

The following notable components within Corporate Income Tax make up the net increase:

•      Corporate Tax refunds issued (net of voids) were down $11.3 million, or -42.6 percent.

•      Corporate Income Tax Return payments were down $4.6 million, or -43 percent.

•      All other Corporate Tax categories, including Estimated and Net Worth payments, decreased by $1.6 million.

Motor Vehicle Tag & Title Fees:  Tag and Title Fee collections increased by $2.6 million, or 13.6 percent, compared to November 2014. Title Ad Valorem Tax (TAVT) collections totaled nearly $69.4 million, for an increase of roughly $4.4 million, or 6.8 percent, over the previous year.

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