Wednesday 8:41pm
April 23, 2014
Currently 70°F
Posted: Thursday, January 9th 2014 at 2:08pm

Deal: December revenues up 3.8 percent

EMAIL STORY CONTACT EDITOR PRINT
click to enlarge
ATLANTA - Gov. Nathan Deal announced Thursday afternoon that Georgia’s net tax collections for the month of December totaled $1.75 billion for an increase of $64 million, or 3.8 percent, compared to the month-ended December 2012. Year-to-date, net tax revenue collections totaled $9.09 billion for an increase of $442 million, or 5.1 percent, compared to the same point last year.

Changes within the following major tax categories explain the net tax revenue increase in December:

Individual Income Tax:

Individual Income Tax collections for December totaled $958 million — up from nearly $945.25 million in December 2012, for an increase of roughly $12.75 million, or 1.4 percent.

The following notable components within Individual Income Tax combine for the net increase:

•Individual Withholding payments for December were up $21 million, or 2.5 percent
•Individual Income Tax refunds issued (net of voided checks) were down $9.5 million, or -31 percent
•Individual Estimated Tax payments were down $20.25 million, or -18.9 percent, from FY 2013
•All other Individual Tax categories including Return payments were up a combined $2.5 million

Sales and Use Tax:

Gross Sales Tax collections declined $32 million, or -3.9 percent, on account of legislation implementing a one-time Title Tax, while net Sales & Use Tax collections for December decreased nearly $26.5 million, or -6 percent — down from $440.75 million in December 2012. Lastly, the adjusted monthly distribution to local governments totaled $372.25 million, a decrease of $0.5 million compared to FY 2013.

Corporate Income Tax:

Corporate Income Tax collections for December increased nearly $18 million, or 13.2 percent, compared to FY 2013, when Corporate Tax revenues and refunds combined for a total of $135.5 million.

The following notable components within Corporate Income Tax make up the net increase:

•Corporate Tax refunds issued (net of voided checks) were up nearly $0.75 million, or 2.6 percent
•Corporate Estimated Tax payments for December increased $15 million, or 10.3 percent
•Corporate Income Tax Return payments were up $5.5 million, or 51.5 percent
•All other Corporate Tax categories, including S-Corp and Net Worth payments, decreased by $1.9 million

Motor Vehicle Tag & Title Fees:

December fee collections totaled more than $88.5 million, which was nearly $65.5 million higher than the previous year before the implementation of HB 266 (see below).

*Tax Reform Impacts*: HB 386 and HB 266 had significant impacts on Georgia’s tax structure that influence current month and year-to-date revenue collections across multiple tax collection categories. The increase in Motor Vehicle Tag & Title Fees is the result of the March 1, 2013, implementation of the title ad valorem tax (TAVT). Sales Tax collections have been impacted by the elimination of the auto sales tax, reduction in the sales tax on energy used in manufacturing, implementation of the Georgia Agricultural Tax Exemption program and reinstatement of the sales tax holidays. Individual Income Tax has been impacted by the marriage penalty reduction effective Jan. 1, 2013.
Associated Categories: Homepage, Business News, Local/State News

© Copyright 2014 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.


  • Click here
  • Click here
  • Click here
  • Click here
  • Click here
0.079175
icon
70°F
Gainesville, GA 30501
Clear
Wind: West 13 mph
Dew point: 39°F