Deal: July revenues up 5.5 percent
Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of July totaled nearly $1.49 billion for an increase of $78 million, or 5.5 percent, compared to the month-ended July 2013. Gross tax revenue deposits for the month totaled $1.95 billion, which was an increase of $101 million, or 5.5 percent, compared to last fiscal year.
Changes within the following major tax categories explain the net revenue increase in July:
Individual Income Tax: Individual Income Tax collections for July totaled $769.5 million, up from roughly $758.25 million in July 2013, for an approximate increase of $11.25 million or 1.5 percent.
The following notable components within Individual Income Tax account for the net increase:
• Individual Withholding payments for July were up $30.5 million or 4 percent
• Individual Income Tax refunds issued (net of voided checks) were up $19 million or 44.5 percent
• Individual Non-Resident tax payments were down $3.25 million or -35.5 percent
• All other Individual Tax categories including Return & Estimated payments were up a combined $3 million
Sales and Use Tax: Gross Sales Tax collections increased $38.5 million, or 4.7 percent, compared to last year, which contributed to an overall net Sales Tax increase of $25.5 million, or 5.9 percent, up from $430 million in July 2013. The monthly adjusted Sales Tax distribution to local governments totaled nearly $397.25 million for an increase of $18.5 million, or 4.9 percent, compared to the previous fiscal year. Sales Tax refunds fell roughly $5.5 million.
Corporate Income Tax: Corporate Income Tax collections for July increased nearly $12.5 million, or 89.1 percent, compared to last July when Corporate Tax revenues totaled $14 million.
The following notable components within Corporate Income Tax account for the increase:
• Corporate Tax refunds issued (net of voided checks) were down $5.75 million or -57.7 percent
• Corporate Estimated payments for July increased $5 million, or 33.7 percent, compared to July 2013
• All other Corporate Tax categories including Return payments combined for an increase of $1.75 million
Motor Vehicle – Tag & Title Fees and TAVT: Motor Vehicle Tag & Title Fee collections increased $4.75 million compared to July 2013, while monthly Title ad Valorem Tax (TAVT) collections totaled nearly $67 million, an increase of roughly $8.5 million compared to the previous year.
(SOURCE: GEORGIA GOVERNOR’S OFFICE)