November State Tax Revenues Down 1.2%
Monday, December 9th, 2019
The State of Georgia’s net tax collections in November totaled almost $1.81 billion for a decrease of $22.4 million, or -1.2 percent, compared to Fiscal Year (FY) 2019 when net tax collections totaled $1.83 billion. Year-to-date, net tax revenue collections totaled $9.62 billion for a decrease of roughly $33.6 million, or -0.3 percent, compared to FY 2019.
Individual Income Tax: Individual Income Tax collections for November declined by $31.3 million, or -3.4 percent, down from last year when net Individual Tax revenues totaled just over $932 million.
• Individual Income Tax refunds issued (net of voided checks) decreased by $8.9 million or -14.2 percent.
• Individual Withholding payments declined by $53.1 million, or -5.6 percent, compared to last year.
• Individual Income Tax Non-Resident Return payments were up $8.3 million, or 157.1 percent.
• All other Individual Tax categories, including Estimated Tax payments, were up a combined $4.6 million.
Sales and Use Tax: Gross Sales and Use Tax collections increased by $45.2 million, or 4.5 percent, from last year’s total of $1.01 billion. Net Sales and Use Tax increased by $33.6 million, or 6.9 percent, compared to FY 2019 when net Sales Tax revenue totaled $488.7 million. The adjusted Sales Tax distribution to local governments totaled approximately $531 million for an increase of $9.3 million, or 1.8 percent, over the previous year. Lastly, Sales Tax refunds increased by $2.3 million, or 165.1 percent, compared to November 2018.
Corporate Income Tax: Net Corporate Income Tax collections decreased by $23.1 million, or -85.1 percent, compared to FY 2019 when net Corporate Tax revenues totaled nearly $27.2 million in November.
• Corporate Tax refunds issued (net of voided checks) increased by $19.7 million or 175.9 percent.
• Corporate Income Tax Return payments were down $6.6 million, or -112.8 percent, from last year.
• All other Corporate Tax payments, including Estimated Tax payments, increased by $3.2 million.
Motor Fuel Taxes: Motor Fuel Tax collections for the month fell by roughly $0.8 million, or -0.5 percent, from last year’s November total of $158.4 million.
Motor Vehicle - Tag & Title Fees: Motor Vehicle Tag & Title Fee collections for November were down $4.7 million, or -15.1 percent, compared to FY 2019 when Motor Vehicle fees totaled roughly $30.9 million. Title Ad Valorem Tax (TAVT) collections also declined by $14.8 million, or -20.6 percent, compared to last year’s total of $71.7 million.