Deal: September tax revenues up 4.6 percent

Deal: September tax revenues up 4.6 percent

Gov. Nathan Deal announced today that Georgia’s net tax collections for September totaled nearly $1.97 billion, an increase of $83.4 million, or 4.6 percent, compared to September 2014. Year-to-date, net tax revenue collections totaled almost $5.13 billion, for an increase of nearly $438.7 million, or 9.4 percent, compared to last year, when net tax revenues totaled $4.69 billion.  

House Bill 170, which introduced an array of tax reforms and new tax legislation beginning on July 1, generated transportation revenue of $74.3 million in September. As a result, the total revenue for September 2015 increased 8.7 percent over September 2014.

The changes below within the following tax categories contribute to September’s overall net tax revenue increase:

Individual Income Tax: Individual Income Tax collections for September totaled roughly $1.01 billion, up from a total of nearly $949.9 million in September 2014, for an increase of $62.3 million, or 6.6 percent.

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

•      Individual Income Tax Withholding payments were up approximately $48.7 million, or 6.4 percent.

•      Income Tax refunds, totaling $46.9 million during the month, were up $15.2 million, or 48.1 percent.

•      All other Individual Tax categories, including Estimated and Return payments, were up a combined $28.8 million.

Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $865.2 million, which was an increase of $7.8 million, or 0.9 percent, over the previous year. Net Sales Tax revenue decreased $1.5 million, or -0.3 percent, compared to September 2014, when net sales tax totaled $445.6 million. The adjusted distribution of sales tax to local governments totaled $413.8 million, for an increase of $7.5 million, or 1.9 percent, compared to last year. Lastly, sales tax refunds increased by $1.7 million compared to September 2014. 

Corporate Income Tax: Corporate Income Tax collections for September increased by $2.5 million, or 1.4 percent, compared to September 2014, when net Corporate Tax revenues totaled $184.6 million.

The following notable components within Corporate Income Tax make up the net increase:

•      Corporate Tax refunds issued (net of voids) were up $3.9 million, or 25.4 percent.

•      Corporate Income Tax Return payments were up nearly $4.1 million, or 30.1 percent.

•      All other Corporate Tax categories, including Estimated and Net Worth payments, increased $2.3 million.