February Tax Revenues Down Slightly in Georgia

An announcement made yesterday by Gov. Nathan Deal stated that Georgia’s net tax collections for February, 2017 totaled almost $1.17 billion, a decrease of about $70 million (-5.6%) from February, 2016. This brings the net tax revenue collections to $14.23 billion for the current 2017 -18 fiscal year, which is up $498.4 million (3.6%) from last year.

The difference between Feb., 2016 and Feb., 2017 is chiefly due to an increase of tax refunds and lower tax payments. A $65.4 million (13.8%) increase was seen in individual income tax refunds and a decrease of $6.5 million (-0.7%) in individual income tax withholding payments. Corporate tax refunds were up approximately $32.6 million (265.8%), while corporate income tax return payments were down nearly $17 million (-95.3%).

The following is a breakdown of the February, 2017 revenues in comparison to February, 2016:

Description Amount Collected Change From Feb., 2016 % Change
Individual income taxes $451.9 million -$58.1 million -11.4%
Gross Sales & Use Tax $812 million $35.3 million 4.6%
Net Sales & Use Tax $420.8 million $38.5 million 10.1%
Corporate income taxes -$23.3 million -$55.8 million -171.9%
Motor Fuel Taxes $138.7 million $2.6 million 1.9%

A copy of the February, 2017 financial report can be seen at the Governor’s website.

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Saltycracker
Saltycracker

Two months makes it just an interesting note and too early to start my eliminate the corporate income tax (different timing) and so much political energy and costs manipulate to little.

We did note recently that GA banks made $3 billion, that alone will take a biblical effort to make those potential taxes evaporate.

No corporate income taxes is a selling point, this indicates, we just can’t afford not to jump on a great promo.