Net tax collections for Georgia increased in March, thanks mostly to a hefty jump in individual income tax collections.
Gov. Nathan Deal made the announcement Monday morning that net tax collections for March totaled nearly $1.57 billion, for an increase of $32.5 million, or 2.1 percent, compared to March 2016. Year-to-date, net tax revenue collections totaled $15.8 billion, for an increase of $530.9 million, or 3.5 percent, over last year when net tax revenues totaled almost $15.27 billion.
The changes within the following tax categories account for the net tax revenue increase in March:
Individual Income Tax: Individual Income Tax collections for the month totaled $733.7 million, up from $610.2 million in March 2016, for an increase of nearly $123.5 million, or 20.2 percent.
The following notable components within Individual Income Tax combine for the net increase:
- Income Tax refunds, totaling $587.5 million during the month, were up $32.4 million, or 5.8 percent.
- Individual Income Tax Withholding payments were up $94.9 million, or 8.9 percent.
- Individual Income Tax Non-Resident Return payments were up $36 million, or 148.8 percent.
- All other Individual Tax categories, including Individual Return payments, were up a combined $25 million.
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $826.1 million, for an increase of $5.2 million, or 0.6 percent, compared to March 2016. Net Sales and Use Tax revenue totaled $435.2 million and remained unchanged after refunds and adjustments compared to last year. The adjusted distribution of sales tax to local governments totaled $381.2 million, for an increase of $1 million, or 0.3 percent, compared to March 2016. Sales tax refunds totaled $9.7 million, for an increase of nearly $4.2 million, or 74.7 percent, compared to last year.
Corporate Income Tax: Corporate Income Tax collections totaled $96.9 million, for a decrease of $82.8 million, or -46.1 percent, compared to last year when net Corporate Tax revenues totaled $179.7 million. This decrease is in part attributed to a revision in IRS rules which changed the Corporate Income Tax Return filing due date from March 15 to April 15.
The following notable components within Corporate Income Tax combine for the net decrease:
- Corporate Tax refunds issued (net of voids) were down $21.1 million, or -36.9 percent.
- Corporate Income Tax Return payments were down nearly $75.7 million, or -61.5 percent.
- Corporate Income Tax Estimated payments were down $19.5 million, or -25.4 percent.
- All other Corporate Taxes, including Net Worth and S-Corp payments, were down a combined $8.7 million.
Motor Fuel Taxes: Motor Fuel Tax collections in March totaled approximately $131.9 million, for a decrease of nearly $2.7 million, or -2 percent, compared to last year.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections decreased by $2.5 million, or -7.3 percent, compared to March 2016. Title Ad Valorem Tax (TAVT) collections for the month totaled almost $76.3 million, for a decrease of $2.2 million, or -2.8 percent, compared to last year.
http://accesswdun.com/article/2017/4/523385/gov-deal-march-tax-revenues-increase-21