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State revenue up 5.9 percent in October

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POSTED: November 15, 2013 6:30 p.m.

Gov. Nathan Deal announced Wednesday that Georgia’s net tax collections for October totaled $1.46 billion, an increase of approximately $81.75 million, or 5.9 percent, compared to October 2012.
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 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 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) went 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 minus-3.1 percent, compared to last year.
Sales and use tax collections for October  decreased $21.75 million, or minus-5 percent — down from $439.25 million in October 2012 to a total of $417.5 million in fiscal-year 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 fiscal year 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 $4 million.
The following components within corporate income tax make up the increase:
• Corporate tax refunds issued (net of voided checks) were down $27.5 million, or minus-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
and title fees
Motor vehicle fee collections for October 2013 totaled nearly $88 million, which was $59.25 million higher than the previous year.
The large year-over-year increase is the result of new tax legislation (House Bill 266), which went into effect March 1. The new law established a title ad valorem tax to replace the automobile sales tax, which traditionally was 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.

 

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