Deal: May revenues up 8.6 percent
Gov. Nathan Deal today announced that Georgia’s net tax collections for the month of May totaled $1.35 billion for an increase of $106 million, or 8.6 percent, compared to May 2012. Year-to-date, net revenue collections totaled $15.4 billion for an increase of $915 million, or 6.3 percent, compared to the same point last year.
The following changes within the various tax categories contributed to the net revenue increase in May:
Individual Income Tax: Individual Income Tax collections for May totaled $654.5 million — up from $617 million in May 2012, for an increase of $37.5 million or 6.1 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual Income Tax refunds (net of voided checks) were down $13 million or -7.4 percent
• Individual Tax Withholding payments were up $19.75 million, or 2.7 percent over last year
• All other Individual Tax categories, including Return payments, were up a combined $4.75 million
Sales and Use Tax: Net Sales and Use Tax collections for May totaled nearly $418.5 million — down from a net total of $448.75 million in May 2012 — for an overall decrease of $30.25 million or -6.8 percent. Gross Sales Tax collections were down $26.25 million* compared to FY 2012 as a result of the recently implemented Title ad Valorem Tax law, which replaced both the point-of-sale sales tax on a vehicle and the annual ad valorem tax known as the “birthday tax,” effective March 1. Lastly, the combined impact of the monthly distribution to local governments and May’s Refund activity was a net decrease of $4 million to May’s sales tax collections.
* Due to higher than expected gross tax collections in economic sectors such as food and grocery, retail purchases and wholesale goods, the overall decrease in sales tax does not approximate the amount ($58.5 million) of Title ad Valorem Tax revenue that was displaced to Motor Vehicle Fees.
Corporate Income Tax: Corporate Income Tax collections for May increased nearly $27 million, up from a total of $8 million in May 2012, for an increase of approximately $18.75 million in the current year.
The following notable components within Corporate Income Tax make up the increase:
• Corporate Tax refunds (net of voided checks) were down $20.75 million compared to last year
• Corporate Estimated Tax payments were down $6.0 million or -25.4 percent compared to May 2012
• Corporate Income Tax Return and Net Worth payments were up a combined $4 million