An announcement was made today by Gov. Deal stating that Georgia’s net tax collections for November, 2015 totaled over $1.64 billion, an increase of about $109.7 million (7.5%) from November, 2014. This brings the final net tax revenue collections to $8.4 billion for the 2016 fiscal year, which is up $699.5 million (9.1%) from last year.
In addition, $76.7 million was generated for transportation in November due to changes implemented by House Bill 170.
The following is a breakdown of the November, 2015 revenues in comparison to November, 2014:
| Description | Amount Collected | Change From Nov., 2014 | Percentage Increase |
| Individual income taxes | $831.4 million | $83.7 million | 11.2% |
| Gross Sales & Use Tax | $847.3 million | $1.9 million | 0.2% |
| Net Sales & Use Tax | $432 million | -$5.8 million | -1.3% |
| Corporate income taxes | $7.6 million | $5.06 million | 200.9% |
A copy of the November, 2015 financial report can be seen after the break.
The should fill the coffee filter drawer at the gold dome full for the next year.
And not much else. I’m still trying to understand the reporting format for year over year comparisions, but when you account for the amount of this increase that was planned and is dedicated for transportation spending, it still looks to me as that we’re behind last year’s year-over-year budget growth.
I’ll ask some questions. The implications are not insignificant.
That’s true and will be interesting to see once you find out. I guess we only get the actual in this report and it would be nice to see what was actually budgeted.
A bit more than a third of the YTD gain is in motor fuels, but net of that, it’s still a reasonably healthy 6.3% for everything else. The budgeted general fund revenue gain for FY16 was 4.4%.
Is there an estimate of how much is missed in the internet sales tax and sales tax free days ? Put that beside the corporate tax and the activity/costs surrounding playing in that sand box.
Not sure on internet and sales tax free days but according to Georgia Budget and Policy Institute estimate for FY 2016:
sales tax breaks for Ga. totaled 5.3 billion,
income tax breaks 1.7 billion
other tax breaks 963 million
grand total about 8 billion.
Lost state sales tax revenues from online sales come to something less than $250 mil/yr, perhaps a lot less. It’s hard to estimate because it’s impossible to tell how much of online sales are by sellers with nexus in GA. This number is based on online sales by non-store retailers, net of Amazon (in both cases, national estimates shared down to GA), but a lot of these sellers may have some physical presence in the state. Tiger Direct, for example, has a distribution center north of ATL, up I-85.
Sales tax holidays cost the state about $42 mil/yr this year.
Even with all this money flowing into the state from income taxes and new fuel taxes ahead of projections, going into slush spending, and I haven’t heard one “so-called” Republican propose a tax decrease!
Are Republicans for lower taxes and smaller government—or not?
Stay tuned for 2016 legislative session because if you pay income tax you may see a reduction but if you don’t pay income tax, well just forget it.