The state of Georgia’s net tax collections for the month of January 2012 totaled $1.57 billion, an increase of $11 million or 0.7 percent compared to January 2011. Through seven months of FY2012, net revenue collections totaled $9.8 billion year-to-date, an increase of $420 million or 4.5 percent compared to the same YTD period last year.
The following changes within the various tax categories contributed to the net revenue increase in January: Individual Income Tax: Individual Income Tax collections for January 2012 totaled $881.5 million, up from $866 million in January 2011, for an increase of $15.5 million or 1.8 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual Income Tax refunds issued (net of voided checks) were down $(22.5) million or -28.7 percent
• Individual Withholding payments were up $37 million or 5.1 percent over last year
• Individual Tax Return payments were up $19 million compared to last January
• Individual Income Tax Estimated payments were down $(63) million or -28.9 percent
Sales and Use Tax: Net Sales and Use Tax collections for January 2012 totaled $519 million, up from $503 million in January 2011, for an increase of $16 million or 3.2 percent. Gross Sales Tax collections were up $43.5 million over the previous year with a total of $978.5 million for the month. The monthly Sales Tax Distribution to local governments totaled $456 million, which was an increase of $33 million or 7.8 percent over last year.
Corporate Income Tax: A couple of large Corporate Income Tax refunds resulted in very low net Corporate Tax revenue as January 2012 dipped $(24.5) million or -90.5 percent, down from $27 million in January 2011.
The following notable components within Corporate Income Tax make up the decrease:
• Corporate Tax refunds issued (net of voided checks) were up $(33.5) million over last year
• Corporate Income Tax Return payments were up $20 million compared to last January
• Corporate Estimated Tax and S-Corp Tax payments were down a combined $(11) million