Deal: January revenues up 4.4 percent
Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of January totaled almost $1.81 billion for an increase of $76.25 million, or 4.4 percent, compared to the month-ended January 2013. Year-to-date, net tax revenue collections totaled $10.9 billion for an increase of nearly $518.5 million, or 5 percent, compared to the same point last year.
Changes within the following major tax categories explain the net tax revenue in January:
Individual Income Tax: Individual Income Tax collections for January totaled $1.07 billion — up from nearly $1.025 billion in January 2013, for an increase of $45 million, or 4.4 percent.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Withholding payments for January were up $46 million, or 5.6 percent
• Individual Income Tax refunds issued (net of voided checks) were down $10.75 million, or -36.8 percent
• All other Individual Tax categories including Return and Estimated payments were down $11.75 million
Sales and Use Tax: Gross Sales Tax collections declined $32.75 million, or -3.4 percent, on account of legislation that replaced the traditional automobile Sales Tax with a one-time Title Tax, while net Sales & Use Tax collections for January decreased $20 million, or -3.9 percent — down from $518.75 million in January 2013 to nearly $498.75 million this year. Lastly, refunds were down $12.25 million while the adjusted distribution to local governments totaled $443.75 million, a slight decrease of $0.5 million compared to FY 2013.
Corporate Income Tax: Corporate Income Tax collections for January decreased approximately $6.75 million, or -32.8 percent, compared to FY 2013, when Corporate Tax revenues totaled $20.75 million.
The following notable components within Corporate Income Tax make up the net decrease:
• Corporate Tax refunds issued (net of voided checks) were up nearly $1.4 million, or 8.5 percent
• Corporate Income Tax Return payments were down $1.7 million, or -41.6 percent
• All other Corporate Tax categories, including S-Corp and Net Worth payments, decreased by $3.7 million
Motor Vehicle Tag & Title Fees: Fee collections for January totaled $85.25 million, which was roughly $56.75 million higher than the previous year before the implementation of HB 266