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Georgia tax collections increase more than 10% in May

By AccessWDUN Staff
Posted 1:53PM on Monday 5th June 2017 ( 7 years ago )

Georgia’s net tax collections for May totaled nearly $1.73 billion, for an increase of $161.5 million, or 10.3 percent, compared to May 2016, according to information from Gov. Nathan Deal's office.

Year-to-date, net tax revenue collections totaled roughly $19.79 billion, for an increase of $880.3 million, or 4.7 percent, over last year when net tax revenues totaled $18.91 billion.

The changes within the following tax categories account for the net tax revenue increase in May:

Individual Income Tax:  Individual Income Tax collections for the month totaled $871.4 million, up from $740.8 million in May 2016, for an increase of $130.6 million, or 17.6 percent.

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

Sales and Use Tax:  Gross Sales Tax collections deposited during the month totaled $910.3 million, for an increase of $45.9 million, or 5.3 percent, compared to May 2016. Net Sales and Use Tax revenue increased by nearly $16.3 million, or 3.5 percent, compared to last year when net sales and use totaled $462.8 million. The adjusted distribution of sales tax to local governments totaled $427 million, for an increase of $25.3 million, or 6.3 percent, compared to May 2016. Sales tax refunds increased by nearly $4.3 million compared to last year.

Corporate Income Tax:  Corporate Income Tax collections for May totaled $33.4 million, for an increase of $6.3 million, or 23.2 percent, compared to last year when net Corporate Tax revenues totaled $27.1 million.

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

Motor Fuel Taxes:  Motor Fuel Tax collections in May totaled $146.8 million, for an increase of roughly $1.7 million, or 1.1 percent, compared to last year.

Motor Vehicle Tag & Title Fees:  Tag and Title Fee collections for May increased by approximately $0.7 million, or 2.2 percent, compared to May 2016. Title Ad Valorem Tax (TAVT) collections for the month totaled $75.9 million, for a decrease of nearly $2.5 million, or -3.1 percent, compared to last year.

http://accesswdun.com/article/2017/6/544258/georgia-tax-collections-increase-more-than-10-in-may

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