Deal: August revenues up 2 percent
Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of August totaled $1.35 billion for an increase of $27 million, or 2 percent, compared to August 2012. Year-to-date, net tax revenue collections totaled $2.75 billion for an increase of nearly $115.5 million or 4.4 percent, compared to the same point last year.
The following changes within the various tax categories led to the overall net revenue increase in August:
Individual Income Tax: Individual Income Tax collections for August totaled $699.5 million — down from $709 million in August 2012, for a decrease of $9.5 million or -1.3 percent.
The following notable components within Individual Income Tax account for the net decrease:
• Individual Withholding payments were down $25.75 million, or -3.6 percent
• Individual Income Tax refunds issued (net of voided checks) were down $9.25 million, or -20.4 percent
• All other Individual categories including Return & Assessment payments were up a combined $7 million
Sales and Use Tax: Gross Sales Tax collections declined $37.5 million, or -4.5 percent, compared to last year*. Net Sales & Use Tax collections for August decreased nearly $39 million, or -8.7 percent — down from $446.75 million in August 2012 to a total of $408 million in FY 2014. Lastly, the adjusted Sales Tax distribution to local governments totaled $374.25 million, which was a decrease of $11.25 million compared to August 2012.
Corporate Income Tax: Corporate Income Tax collections for August increased nearly $3.5 million, or 28.3 percent, compared to last year when Corporate Tax revenues totaled nearly $12 million in August 2012.
The following notable components within Corporate Income Tax make up the increase:
• Corporate Tax refunds issued (net of voided checks) were down $10.5 million, or -70.5 percent
• Corporate Return payments for August increased $5.75 million, or 195.5 percent
• All other Corporate Tax categories combined for a decrease of nearly $12.75 million compared to FY 2013
*Motor Vehicle Tag & Title Fees: Motor Vehicle Fee collections for August totaled $87 million, which was $59 million higher than the previous year. The large year-over-year increase is the result of the new tax legislation (H.B. 266) that became effective as of March 1, 2013. The new law established a Title ad Valorem Tax to replace the 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 by an average of $52.5 million per month since the filing of March returns began in April of FY 2013.