Georgia’s July Net Tax Revenues Up 3.1%

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 following tax categories account for July’s overall net tax revenue increase: Individual Income Tax: 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%. Sales and Use Tax: 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.  Corporate Income Tax: 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. Motor Fuel Taxes: 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 Fees: 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 (TAVT) collections totaled $77.5 million in July for an increase of $4.9 million, or 6.7%, compared to last year.