Get Adobe Flash player

State revenues up 3.6 percent in November

 

gaseal

Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of November totaled $1.39 billion, an increase of nearly $49.0 million or 3.6 percent compared to the month-ended November 2012. Year-to-date, net tax revenue collections totaled $7.34 billion for an increase of $378.0 million, or 5.4 percent, compared to the same point last year.

Changes within the following major tax categories explain the net tax revenue increase in November:

Individual Income Tax: Individual Income Tax collections for November totaled $694.25 million — down from $701.5 million in November 2012, for a decrease of $7.25 million or -1.0 percent.

 

The following notable components within Individual Income Tax combine for the net decrease:

•      Individual Withholding payments for November were up $4.75 million, or 0.7 percent

•      Individual Income Tax refunds issued (net of voided checks) were up $22.0 million, or 75.1 percent

•      All other Individual categories including Return payments were up a combined $10.0 million

 

Sales and Use Tax: Gross Sales Tax collections declined nearly $17.25 million or -2.1 percent, compared to last year*. Sales & Use Tax collections for November decreased $11.75 million or -2.7 percent — down from $435 million in FY 2013 to roughly $423.5 million in FY 2014. Lastly, the adjusted monthly Sales Tax distribution to local governments totaled $374.5 million, which was a decrease of $3.85 million compared to FY 2013.

 

Corporate Income Tax: Corporate Income Tax collections for November 2013 increased $10.5 million, or 109.8 percent, compared to last year when Corporate Tax revenues and refunds netted to $9.5 million.

 

The following notable components within Corporate Income Tax make up the net increase:

•      Corporate Tax refunds issued (net of voided checks) were down roughly $4.0 million, or -13.5 percent

•      Corporate Income Tax payments for November increased nearly $8.5 million, or 956.2 percent

•      All other Corporate Tax categories including Estimated payments combined for a decrease of $2.0 million 

 

Motor Fuel Taxes:  Motor Fuel Taxes accounted for an increase of nearly $5.75 million or 6.8 percent over November 2012, which is consistent with the bi-annual rate adjustment taking place at the beginning of the fiscal year.  As of July 1, 2013 the average prepaid state tax rate for FY 2014 is roughly 4.1 percent higher than the first-half tax rate in FY 2013.

 

*Motor Vehicle Tag & Title Fees: Motor Vehicle Fee collections for November 2013 totaled nearly $70.25 million, which was $50.75 million higher than the previous year. The large year-over-year increase is the result of new tax legislation (H.B. 266) – effective as of March 1, 2013 – in which the new law established a Title ad Valorem Tax to replace the traditional Sales Tax that was assessed on the purchase of an automobile. As a result, Motor Vehicle fees have increased by an average of $55.75 million per month since the filing of March returns began in April of FY 2013.

 

Add comment


Security code
Refresh