Deal: December tax revenues up 10 percent
Published 5:20 pm Friday, January 5, 2018
Gov. Nathan Deal announced on Thursday that Georgia’s net tax collections for December totaled $2.26 billion, for an increase of $206.1 million, or 10 percent, compared to last year when net tax collections totaled nearly $2.06 billion. Year-to-date, net tax collections totaled $11.3 billion, for an increase of $444.7 million, or 4.1 percent, over December 2016, when net tax revenues totaled roughly $10.86 billion six months into the fiscal year.
The changes within the following tax categories contributed to the overall net tax revenue increase in December:
Individual income tax
Individual Income Tax collections for the month totaled $1.26 billion, up from approximately $1.11 billion in December 2016, for an increase of approximately $146 million, or 13.1 percent.
Sales and use tax:
Gross Sales and Use Tax collections deposited during the month totaled nearly $946.5 million, for an increase of $72.5 million, or 8.3 percent, over last year. Net Sales and Use Tax revenue totaled $495.8 million, for an increase of $30.1 million, or 6.5 percent, compared to December 2016, when net sales tax totaled roughly $465.8 million. The adjusted distribution of sales tax to local governments totaled $448.1 million, for an increase of approximately $46.3 million, or 11.5 percent, over last year. Finally, sales tax refunds decreased by $3.9 million, or -60.2 percent, from a total of $6.4 million in December 2016.
Corporate income tax
Corporate Income Tax collections for December increased by almost $22.3 million, or 13.6 percent, compared to last year when net Corporate Tax collections totaled $163.5 million.
Motor fuel taxes
Motor Fuel Tax collections during the month totaled $146.2 million, for an increase of $2.7 million, or 1.9 percent, compared to December 2016.
Motor vehicle tag and title fees:
Motor Vehicle Tag & Title Fee collections for December increased by $1 million, or 3.8 percent, over last year. Title Ad Valorem Tax (TAVT) collections totaled $70.1 million, for a decrease of $9.8 million, or -12.3 percent, compared to December 2016.
when TAVT collections totaled approximately $80 million.