Posted: Friday, November 8th 2013 at 12:28pm
Deal: October revenues up 5.9 percent
ATLANTA - Georgia's net tax collections for the month of October totaled $1.46 billion, an increase of approximately $81.75 million or 5.9 percent compared to the month-ended October 2012, according to numbers released by the Governor's office Friday.
Year-to-date, net tax revenue collections totaled $5.94 billion for an increase of nearly $329.25 million or 5.9 percent compared to the same point last year.
Changes within the following major tax categories explain the net tax revenue increase in October:
Individual Income Tax: Individual Income Tax collections for October totaled $767.75 million — up from $757 million in October 2012, for an increase of $10.75 million, or 1.4 percent.
The following notable components within Individual Income Tax account for the net increase:
·Individual Withholding payments were up $6.25 million, or 0.8 percent
·Individual Income Tax refunds issued (net of voided checks) were up $13.25 million, or 13.3 percent
·Individual Return payments were up $18.5 million or 29.9 percent, over last year
·All other Individual categories including Assessment payments were down a combined $0.75 million
Sales and Use Tax: Gross Sales Tax collections declined $25.5 million or -3.1 percent, compared to last year*. Sales & Use Tax collections for October decreased $21.75 million or -5 percent — down from $439.25 million in October 2012 to a total of $417.5 million in FY 2014. Lastly, the adjusted Sales Tax distribution to local governments totaled nearly $372.75 million, which was a decrease of $7.75 million compared to FY 2013.
Corporate Income Tax: Corporate Income Tax collections for October 2013 increased roughly $34.5 million, or 862.1 percent, compared to last year when Corporate Tax revenues and refunds netted to $4 million.
The following notable components within Corporate Income Tax make up the increase:
·Corporate Tax refunds issued (net of voided checks) were down $27.5 million, or -81.5 percent
·Corporate Estimated payments for October increased $7.75 million, or 51.4 percent
·All other Corporate Tax categories including Return payments combined for a decrease of $0.75 million
*Motor Vehicle Tag & Title Fees: Motor Vehicle Fee collections for October 2013 totaled nearly $88.0 million, which was $59.25 million higher than the previous year. The large year-over-year increase is the result of new tax legislation (H.B. 266), which went into effect on 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 $56.5 million per month since the filing of March returns began in April of FY 2013.
© Copyright 2014 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.