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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