Deal: February revenues up 5.3 percent
Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of February totaled almost $838 million for an increase of $42 million, or 5.3 percent, compared to the month-ended February 2013. Year-to-date, net tax revenue collections totaled $11.74 billion for an increase of nearly $560.5 million, or 5 percent, compared to the same point last year.
Changes within the following major tax categories explain the net tax revenue in February:
Individual Income Tax: Individual Income Tax collections for February totaled $227.25 million — up from nearly $207.5 million in February 2013, for an increase of $19.75 million, or 9.5 percent.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Withholding payments for February were up $78 million, or 10.7 percent
• Individual Income Tax refunds issued (net of voided checks) were up $43 million, or 7.5 percent
• All other Individual Tax categories including Estimated Payments and Assessments were down $15.25 million
Sales and Use Tax: Gross Sales Tax collections declined $50.75 million, or -6.3 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 February decreased $53.5 million, or -12 percent, compared to last year. Lastly, refunds were down $4.5 million while the adjusted distribution to local governments increased $7.25 million compared to February 2013.
Corporate Income Tax: Corporate Income Tax collections for February increased approximately $9 million, or 344.7 percent, compared to FY 2013, when Corporate Tax revenues and refunds totaled $2.5 million.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Tax refunds issued (net of voided checks) were down $10 million, or -32.1 percent
• Corporate Net Worth payments were down $0.75 million, or -38.5 percent
• All other Corporate Tax categories, including Estimated and Return payments, decreased by $0.25 million