Georgia’s net tax collections for January totaled nearly $2.05 billion, for an increase of $119.3 million, or 6.4 percent, over January 2015, according to numbers released Monday by Governor Nathan Deal's office. The report said year-to-date, net tax revenue collections totaled $12.49 billion, an increase of $1.02 billion, or 8.9 percent, compared to January 2015, when net tax revenues totaled almost $11.47 billion.
House Bill 170, which introduced an array of both tax reforms and new tax legislation beginning on July 1, generated transportation revenue of $67.4 million in January. As a result, total net tax collection revenue for January 2016 increased by 10 percent over January 2015.
The changes below within the following tax categories contributed to January’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections during the month totaled $1.14 billion, up from nearly $1.06 billion in January 2015, for an increase of $83.1 million, or 7.9 percent.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax Withholding payments were up approximately $53.3 million, or 6.3 percent.
- Income Tax refunds, totaling $36.9 million during the month, were down $22.5 million, or -37.9 percent.
- Individual Income Tax Estimated payments were up $7.1 million, or 3.2 percent.
- All other Individual Tax categories, including Non-Resident Return payments, were up $0.2 million.
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled nearly $1.03 billion, for an increase of $6.2 million, or 0.6 percent, compared to January 2015. Net Sales and Use Tax revenue increased $13.2 million, or 2.4 percent, compared to last year when net sales and use taxes totaled $544.3 million.
The adjusted distribution of sales tax to local governments totaled $466.1 million, for a decrease of $8.7 million, or -1.8 percent, compared to January 2015. Lastly, sales and use tax refunds increased by $1.7 million compared to last year.
Corporate Income Tax: Corporate Income Tax collections in January totaled almost $34.4 million, for an increase of $18.4 million, or 115.7 percent, compared to last year when net Corporate Tax revenues totaled $15.9 million.
The following notable components within Corporate Income Tax make up the net increase:
- Corporate Tax refunds issues (net of voids) were down $13.1 million, or -83 percent.
- Corporate Income Tax Return payments were up $8.6 million, or 163.7 percent.
- All other Corporate Taxes, including Corporate Estimated payments were down a combined $3.3 million.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections decreased roughly $1.6 million, or -5.5 percent, compared to January 2015. Title Ad Valorem Tax collections in January totaled $77.8 million, for an increase of nearly $8.5 million, or 12.2 percent, over the previous fiscal year.
http://accesswdun.com/article/2016/2/368506/state-tax-collections-up-64-in-january