Gov. Nathan Deal's office announced Tuesday morning that Georgia’s net tax collections for June inched up 0.7 percent over June 2015. Total collections were roughly $1.91 billion, for an increase of $13.4 million.
The report said year-to-date, net tax revenue collections totaled $20.81 billion, for an overall increase of nearly $1.79 billion, or 9.4 percent, compared to June 2015, when net tax revenues totaled $19.03 billion.
House Bill 170, which introduced an array of both tax reforms and new tax legislation beginning July 2015, generated transportation revenue of $77 million in June. As a result, total net tax collection revenue for June 2016 increased by 5 percent over June 2015.
The changes below within the following tax categories contributed to June’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections for the month totaled $929.7 million, up from $913.9 million in June 2015, for an increase of $15.8 million, or 1.7 percent.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax Withholding payments were up $49.5 million, or 6.3 percent.
- Income Tax refunds, totaling $109.7 million during the month, were up $31.9 million, or 41 percent.
- Individual Income Tax Estimated payments were down $11.1 million, or -7 percent.
- All other Individual Tax categories, including Non-Resident payments, were up a combined $9.3 million.
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $869.7 million, for an increase of $1.6 million, or 0.2 percent, compared to June 2015. Net Sales and Use Tax revenue decreased $9.4 million, or -2 percent, compared to last year when net sales and use taxes totaled $461.4 million. The adjusted distribution of sales tax to local governments totaled $403.4 million, which was an increase of $3.5 million, or 0.9 percent, over the previous fiscal year. Sales tax refunds for June increased by $7.6 million, or 112.4 percent, compared to last year.
Corporate Income Tax: Corporate Income Tax collections in June totaled $178.1 million, which was a decrease of $14.4 million, or -7.5 percent, compared to last year when net Corporate Tax revenues totaled $192.5 million.
The following notable components within Corporate Income Tax make up the net decrease:
- Corporate Tax refunds issued (net of voids) were up $14.4 million, or 275.5 percent.
- Corporate Income Tax Return payments were up $8.4 million, or 65.9 percent.
- Corporate Tax Estimated Return payments were down $8.4 million, or -4.7 percent.
- All other Corporate Taxes, including S-Corp and Net Worth payments, were down less than $100,000.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections increased by $1.8 million, or 5.7 percent, compared to June 2015. Title Ad Valorem Tax collections totaled nearly $83.1 million, for an increase of $2 million, or 2.5 percent, over the previous fiscal year.
http://accesswdun.com/article/2016/7/421758/june-tax-revenues-rose-slightly-according-to-governors-office