View Mobile Site
  • Bookmark and Share

State revenues climb more than 3 percent

POSTED: June 9, 2014 9:34 p.m.

Gov. Nathan Deal announced that Georgia’s net tax collections for May totaled $1.39 billion for an increase of nearly $42.25 million, or 3.1 percent, compared to the month-ended May 2013.

Year-to-date, net tax revenue collections totaled $16.1 billion for an increase of nearly $697 million, or 4.5 percent, compared to the same point last year when net tax revenues totaled $15.4 billion through the end of May 2013.

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

Individual income tax: Individual income tax collections in May totaled just over $675 million, up from roughly $654.5 million in April 2013, for an increase of $20.5 million or 3.1 percent.

The following notable components within individual income tax combine to make up the net increase:

• Individual income tax return payments in May were up $5.5 million or 17 percent

• Income tax refunds issued, which totaled $126.25 million, were down $34.25 million or -21.4 percent

• Individual income tax withholding for the month was down $11.5 million or 1.5 percent

• All other individual tax categories including estimated payments and assessments were down $7.75 million

• Sales and use tax: Gross sales tax collections increased nearly $36 million, or 4.5 percent, compared to last May, the second month in which the title ad valorem tax displaced automobile sales tax into motor vehicle fees.

Net sales tax collections increased almost $10.5 million, or 2.5 percent, compared to last year despite large negative year-over-year changes in both the adjusted local distribution, which totaled roughly $389.5 million, and net refunds issued, which increased $12.75 million over the previous fiscal year.

• Corporate income tax: Corporate income tax collections in May decreased approximately $19.25 million, or 72.2 percent, compared to FY 2013 when net corporate tax revenues totaled $26.75 million.

COMMENTS

  • Bookmark and Share

Commenting not available.
Commenting is not available.

 


© Copyright 2010 Morris Multimedia All rights reserved. Privacy policy and Terms of service

Powered by
Morris Technology
Please wait ...