Deal: July revenues numbers up 6.7 percent
Gov. Nathan Deal today announced that Georgia’s net tax collections for the month of July totaled $1.41 billion for an increase of $88.5 million, or 6.7 percent, compared to the month-ended July 2012. Gross tax revenue deposits for the month totaled $1.85 billion, an increase of $70.5 million or 4 percent compared to last fiscal year.
The following changes within the various tax categories led to the overall net revenue increase in July:
Individual Income Tax: Individual Income Tax collections for July totaled $758.25 million, up from $698 million in July 2012, for an increase of $60.25 million or 8.6 percent.
The following notable components within Individual Income Tax account for the net increase:
• Individual Withholding payments were up nearly $55.5 million or 7.8 percent
• Individual Income Tax refunds issued (net of voided checks) were down $ 1.75 million or -4.2 percent
• All other Individual categories including Return & Assessment payments were up a combined $3 million
Sales and Use Tax: Gross Sales Tax collections declined $43.25 million or -5 percent compared to last year, while net Sales & Use Tax collections for July 2013 dropped $30.25 million or -6.6 percent, down from $460.25 million in July 2012 to a total of $430 million in July FY 2014. Lastly, the monthly Sales Tax distribution to local governments totaled $378.75 million, which was a decrease of $17.5 million or -4.4 percent compared to last year.
Corporate Income Tax: Corporate Income Tax collections for July 2013 decreased $4 million or -21.8 percent compared to last year when Corporate tax revenues totaled nearly $18.0 million in July 2012.
The following notable components within Corporate Income Tax make up the decrease:
• Corporate Tax refunds issued (net of voided checks) were down - $3 million or -23.6 percent
• Corporate Estimated payments for July 2013 decreased $ 6.5 million or -30.4 percent
• All other Corporate Tax categories combined for a decrease of nearly $ 0.5 million compared to FY 13
Motor Vehicle Tag & Title Fees: Motor Vehicle Fee collections for July 2013 totaled $83.5 million, which was $62.25 million higher than the previous year. The large year-over-year increase is the result of new tax legislation, House Bill 266, that became effective as of March 1. The new law established a Title ad Valorem Tax to replace Automobile Sales Tax, which was traditionally assessed on the purchase of a car. As a result, gross Sales Tax collections have been reduced while Motor Vehicle fees have increased an average of $50.75 million per month since the filing of March returns began in mid-April of FY 2013.