The February revenue numbers have been calculated and based on the numbers released from the office of Governor Nathan Deal, it’s a mixed bag.
The Governor’s office said net tax collection for February totaled approximately $1.17 billion, a 5.6% decrease for the same time in 2016. Year-to-date, net tax revenue collections totaled $14.23 billion, for an increase of $498.4 million, or 3.6 percent, over last year, when net tax revenues totaled $13.73 billion. Georgia runs on a fiscal year which begins on July 1.
The office justified the slashed revenues from the increase in refunds already released this year.
The changes within the following tax categories account for the net tax revenue decrease in February:
Individual Income Tax: Individual Income Tax collections during the month totaled $451.9 million, down from roughly $510.1 million in February 2016, for a decrease of nearly $58.1 million, or -11.4 percent.
The following notable components within Individual Income Tax combine for the net decrease:
- Income Tax refunds, totaling $540.3 million during the month, were up $65.4 million, or 13.8 percent.
- Individual Income Tax Withholding payments were up nearly $6.5 million, or 0.7 percent.
- Individual Income Tax Return payments were down $2.7 million, or -19.6 percent.
- All other Individual Tax categories, including Non-Resident Return payments, were up a combined $3.5 million.
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled nearly $812 million, for an increase of $35.3 million, or 4.6 percent, compared to February 2016. Net Sales and Use Tax revenue increased $38.5 million, or 10.1 percent, compared to last year when net sales and use totaled $382.3 million. The adjusted distribution of sales tax to local governments totaled $384.7 million, for an increase of roughly $19 million, or 5.2 percent, compared to last year. Sales tax refunds decreased by $22.2 million, or -77.5 percent, compared to February 2016.
Corporate Income Tax: Corporate Income Tax revenue collections and refunds combined for a net decrease of $55.8 million, or -171.9 percent, compared to February 2016 when net Corporate Tax revenues totaled almost $32.5 million.
The following notable components within Corporate Income Tax make up the net decrease:
- Corporate Tax refunds issued (net of voids) were up roughly $32.6 million, or 265.8 percent.
- Corporate Income Tax Return payments were down nearly $17 million, or -95.3 percent.
- All other Corporate Taxes, including Corporate Return payments, were down a combined $6.2 million.
Motor Fuel Taxes: Motor Fuel Tax collections in February totaled $138.7 million, for an increase of $2.6 million, or 1.9 percent, compared to last year.
Motor Vehicle Tag & Title Fees: Tag and Title Fee collections decreased by $3.5 million, or -8.7 percent, compared to February 2016. Title Ad Valorem Tax (TAVT) collections for the month totaled $82.2 million, for an increase of $2.3 million, or 2.9 percent, compared to last year.