Posted: Thursday, March 6th 2014 at 3:22pm
Gov. Deal: February revenues up 5.3 percent
ATLANTA - Governor 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
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
Motor Vehicle Tag & Title Fees: Fee collections for February totaled $92.75 million, which was roughly $63.25 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 influenced 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 a new 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
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