Gov. Deal: October tax revenues up 17.7 percent

gov_nathan_deal
Testingfg of Ads
Gov. Nathan Deal today announced that Georgia’s net tax collections for October totaled roughly $2.01 billion, for an increase of $302.6 million, or 17.7 percent, compared to last year when net tax collections totaled $1.71 billion. Year-to-date, net tax revenue collections totaled $7.83 billion, for an increase of $632.5 million, or 8.8 percent, compared to October 2017.
The changes within the following tax categories contributed to the overall net tax revenue increase in October:
Individual Income Tax: Individual Income Tax collections for October totaled $1.05 billion, for an increase of $154.1 million, or 17.2 percent, compared to last year when Individual Income Tax collections totaled $897.5 million.
The following notable components within Individual Income Tax combine for the net increase:
·         Individual Income Tax refunds issued (net of voided checks) were down $9 million, or -5.6 percent.
·         Individual Withholding payments were up nearly $108.2 million, or 11.8 percent.
·         Individual Income Tax Return payments were up roughly $35 million, or 42 percent.
·         All other Individual Tax categories, including Estimated Tax payments, were up a combined $1.9 million.
 
Sales and Use Tax: Gross Sales and Use Tax collections for the month totaled $994.3 million, for an increase of $63.1 million, or 6.8 percent, compared to October 2017. Net Sales and Use Tax totaled $525.1 million, for an increase of $45.3 million, or 9.4 percent, compared to last year when Net Sales and Use Tax totaled $479.8 million. The adjusted distribution of sales tax to local governments totaled $463.3 million, for an increase of nearly $18.9 million, or 4.2 percent, over last year. Finally, sales tax refunds decreased by $1.1 million, or -15.8 percent, compared to October 2017.
Corporate Income Tax: Corporate Income Tax collections for October increased by $64.6 million, compared to last year when net Corporate Tax revenues totaled approximately -$2.2 million.
The following notable components within Corporate Income Tax make up the net increase:
·         Corporate Tax refunds were down $56.8 million, or -83.4 percent.
·         Corporate Income Tax Return payments were up $30.7 million, or 454.8 percent.
·         Corporate Income Tax Estimated Return payments were down $27.6 million, or -54.8 percent.
·         All other Corporate Tax categories, including Corporate Net Worth payments, were up a combined $4.7 million.
Motor Fuel Taxes: Motor Fuel Tax collections during the month totaled $150.2 million, for an increase of nearly $3.8 million, or 2.6 percent, compared to October 2017.
Motor Vehicle Tag & Title Fees: Motor Vehicle Tag & Title Fees for the month decreased by $0.6 million, or -1.9 percent, compared to October 2017. Title Ad Valorem Tax (TAVT) collections increased by nearly $1.1 million, or 1.4 percent, compared to last year.

On Common Ground News


Leave a Reply

Your email address will not be published. Required fields are marked *

Testingfg of Ads

About us

On Common Ground News is published daily by On Common Ground, Inc (OCGNEWS.COM). The newspaper serves DeKalb, Gwinnett, Rockdale and Metro Atlanta.

The opinions expressed by writers and contributors are not necessarily those of the publisher or the newspaper’s advertisers.

No portion of this newspaper may be reproduced in any form without the written permission of the publisher.

We reserve the right to reject material and advertisements we deem inappropriate.


On Common Ground News
P.O. Box 904
Lithonia, GA 30058


(770) 679-5607

editor@ocgnews.com


Latest News

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: On Common Ground News, 1240 Sigman Road, Conyers, GA, 30012, https://www.ocgnews.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact