ATLANTA, GA (WALB) - Most of the major categories of the state's income got glowing reports today, money from car titles notwithstanding.
Governor Nathan Deal reported on his state website that Georgia's net tax collections for July, the first month of FY 2019, totaled nearly $1.78 billion, for an increase of $59.4 million, or 3.5%, which is better than the rate of inflation, but not that much.
The current national inflation rate is 2.9% for the 12 months ended June 2018, as published on July 12, 2018 by the U.S. Labor Department.
Last year, net tax Georgia collections totaled almost $1.72 billion. July's gross tax revenue receipts totaled $2.41 billion, for an increase of $136 million, or 6%, over July 2017.
The changes within the following tax categories contributed to the overall net tax revenue increase in July:
- Individual Income Tax collections for July totaled $897.1 million, for an increase of $35.6 million, or 4.1%, compared to last year when Individual Income Tax collections totaled $861.5 million.
The following notable components within Individual Income Tax combine for the net increase:
- Individual Income Tax refunds issued (net of voided checks) were up $29.6 million, or 34.4%.
- Individual Withholding payments were up $53.7 million, or 6%.
- All other Individual Tax categories, including Estimated Tax payments, were up a combined $11.5 million.