The state’s net tax collections for February were up nearly 5 percent, according to Gov. Nathan Deal. The Governor reported Friday that February’s tax collections totaled $1.23 billion, for an increase of nearly $55.9 million, or 4.8 percent, compared to last year when net tax collections totaled almost $1.18 billion.
The Governor also reported that year-to-date, net tax collections totaled $15.1 billion, for an increase of roughly $868.8 million, or 6.1 percent, over February 2017, when net tax revenues totaled $14.23 billion.
He attributed the overall net tax revenue increase to changes in several tax categories.
Individual Income Tax: Individual Income Tax collections for the month totaled $476.5 million, and were up 5.4 percent- from $451.9 million in February 2017, for an increase of $24.6 million.
According to Deal, the following components within Individual Income Tax combine for the net increase:
· Individual Income Tax refunds issued (net of voided checks) were up $43.5 million, or 8.1 percent.
· Individual Withholding payments were up approximately $54.2 million, or 5.8 percent.
· Individual Income Tax Return payments were up $16 million, or 142.2 percent.
· All other Individual Tax categories, including Estimated Return payments, were down a combined $2.1 million.
Sales and Use Tax: Governor Deal reported that gross Sales and Use Tax collections deposited during the month totaled nearly $899.7 million, for an increase of $87.7 million, or 10.8 percent, over last year. Net Sales and Use Tax revenue totaled $459.5 million, for an increase of $38.6 million, or 9.2 percent, compared to February 2017, when net sales tax totaled almost $420.9 million. The adjusted distribution of sales tax to local governments totaled $434.3 million, for an increase of $49.6 million, or 12.9 percent, over last year. Sales tax refunds decreased by roughly $0.6 million, or -8.6 percent, compared to last year.
Corporate Income Tax: According to reports from the Governor’s office, Corporate Income Tax collections and refunds for February combined for a net decrease of roughly $5.6 million, compared to the previous fiscal year when net Corporate Tax refund outlays outstripped revenue collections by a total of $23.3 million.
The following components within Corporate Income Tax make up the net decrease:
· Corporate Income Tax refunds issued (net of voids) were up $12.7 million, or 28.3 percent.
· Corporate Income Tax Estimated payments were up $1.1 million, or 7.3 percent.
· All other Corporate Tax categories, including Corporate Return payments, were up a combined $6 million.
Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled almost $142.8 million, for an increase of $4.1 million, or 3 percent, compared to February 2017.
Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for February increased by less than $0.4 million, or 1 percent, compared to last year. Title Ad Valorem Tax (TAVT) collections increased by roughly $1.4 million, or 1.7 percent, compared to February 2017, when TAVT collections totaled $82.2 million.
