The state of Georgia’s net tax collections in the first month of fiscal year 2020 totaled roughly $1.83 billion for an increase of $55.7 million, or 3.1%, compared to last year when net tax collections totaled almost $1.78 billion.
July’s gross tax revenue receipts totaled $2.48 billion for an increase of $71.9 million, or 3%, over July 2018.
Changes in the individual income tax, sales and use tax, corporate income tax, motor fuel taxes and motor vehicle — tag & title Fees categories account for July’s overall net tax revenue increase.
Individual income tax collections during the month totaled $969.6 million, up from $897.1 million in July 2018, for an increase of $72.5 million or 8.1%.
The following components in individual income tax combine for the net increase — individual income tax refunds issued, net of voided checks, decreased by $41.5 million or -35.9%; income tax withholding payments for July increased by $19.5 million, or 2%, over last year; and all other individual tax categories, including Estimated Tax payments, increased a combined $11.5 million.
Gross sales and use tax collections totaled $1.06 billion in July for an increase of $36.9 million, or 3.6%, over last year. Net sales and use tax increased roughly $11 million, or 2.1%, compared to fiscal year 2019, when net sales tax revenue totaled $523.8 million. The adjusted sales tax distribution to local governments totaled $522.5 million for an increase of $28.9 million, or 5.9%, over last fiscal year. Lastly, sales tax refunds fell by nearly $3 million, or -47.8%, compared to last July.
Net corporate income tax collections decreased by $31.4 million, or -98.4%, compared to fiscal year 2019, when net corporate tax revenues totaled nearly $31.9 million in July.
The following components within corporate income tax comprise the net decrease — corporate tax refunds issued, net of voided checks, were up $32.3 million, or 172.5%; corporate income tax estimated return payments were down $15.3 million, or -39.6%; corporate income tax return payments increased by $10 million, or 116.2%, over fiscal year 2019; and all other corporate tax payments combined for an increase of $6.2 million compared to last year.
Motor fuel tax collections during the month declined by nearly $1.9 million, or -1.2%, down from a total of $153.7 million last year.
Motor vehicle tag & title fee collections rose by $4.2 million, or 14.7%, up from a total of $28.5 million in July 2018. Title Ad Valorem tax collections totaled $77.5 million in July for an increase of $4.9 million, or 6.7%, compared to last year.