February net tax revenues up 5.5 percent statewide
ATLANTA – The State of Georgia’s net tax collections for February totaled almost $1.3 billion, for an increase of $67.6 million — or 5.5 percent — compared to February 2018, when net tax collections totaled roughly $1.23 billion, according to a press release from the governor’s office.
Year-to-date, net tax collections totaled $15.37 billion for an increase of $270.5 million — or 1.8 percent — compared to the previous fiscal year when net tax revenues totaled $15.10 billion after eight months.
The changes within the following tax categories further explain February’s overall net tax revenue increase:
Individual Income Tax: Individual Income Tax collections totaled roughly $469.2 million, which was a decrease of $7.4 million — or -1.5 percent — compared to last year when Income Tax collections totaled $476.5 million.
Sales and Use Tax: Gross Sales and Use Tax collections increased by nearly $66.5 million – or 7.4 percent – to a total of $966.1 million for the month. Net Sales and Use Tax increased by $18.7 million — or 4.1 percent — compared to February 2018 when net sales tax totaled $459.5 million. The adjusted Sales Tax distribution to local governments totaled $483.3 million for an increase of $49 million — or 11.3 percent — over the previous fiscal year. Lastly, Sales Tax Refunds fell by nearly $1.3 million — or 21.7 percent — compared to FY 2018.
Corporate Income Tax: Corporate Income Tax collections for the month totaled $17.3 million, which was an increase of $46.2 million — or 159.9 percent — compared to FY 2018.
Motor Fuel Taxes: Motor Fuel Tax collections increased by $5.4 million, or 3.8 percent, compared to FY 2018.
Motor Vehicle – Tag & Title Fees: Motor Vehicle Tag & Title Fees increased by nearly $3.2 million — or 8.6 percent — for the month, while Title Ad Valorem Tax collections decreased by $2.6 million — or -3.1 percent — from last year’s total of $83.5 million.