View Mobile Site

State revenue up in November

  • Bookmark and Share

Play some games on the Courier
Search for valuable coupons and print them out
POSTED: December 14, 2013 4:30 p.m.

Gov. Nathan Deal announced Tuesday that Georgia’s net tax collections for November totaled $1.39 billion, an increase of nearly $49 million, or 3.6 percent, compared to the month-ended November 2012.
Year-to-date, net tax-revenue collections totaled $7.34 billion for an increase of $378.0 million, or 5.4 percent, compared to the same point last year.
Changes within the following major tax categories explain the net tax-revenue increase in November:
 
Individual income tax
Collections for November totaled $694.25 million — down from $701.5 million in November 2012, for a decrease of $7.25 million, or minus-1 percent.
The following notable components combine for the net decrease:
• Individual withholding payments for November were up $4.75 million, or 0.7 percent
• Individual income-tax refunds issued (net of voided checks) were up $22.0 million, or 75.1 percent
• All other Individual categories, including return payments, were up a combined $10 million
 
Sales and use tax
Collections declined nearly $17.25 million, or minus-2.1 percent, compared to last year. Collections for November decreased $11.75 million, or minus-2.7 percent — down from $435 million in FY 2013 to roughly $423.5 million in FY 2014. Lastly, the adjusted monthly sales-tax distribution to local governments totaled $374.5 million, which was a decrease of $3.85 million compared to FY 2013.
 
Corporate-income tax
Collections for November increased $10.5 million, or 109.8 percent, compared to last year when revenues and refunds netted to $9.5 million.
The following notable components make up the net increase:
• Corporate-tax refunds issued (net of voided checks) were down roughly $4.0 million, or minus-13.5 percent
• Corporate income-tax payments for November increased nearly $8.5 million, or 956.2 percent
• All other corporate-tax categories, including estimated payments, combined for a decrease of $2 million  
 
Motor-fuel taxes
Motor-fuel taxes accounted for an increase of nearly $5.75 million, or 6.8 percent, during November 2012, which is consistent with the bi-annual rate adjustment taking place at the beginning of the fiscal year. As of July 1, the average prepaid state tax rate for FY 2014 is roughly 4.1 percent higher than the first-half tax rate in FY 2013.
 
Motor-vehicle tag and title fees
Collections totaled nearly $70.25 million, which was $50.75 million higher than the previous year. The large year-over-year increase is the result of new tax legislation — effective March 1 — in which the new law established a title ad valorem tax to replace the traditional sales tax that was assessed on the purchase of an automobile. As a result, motor-vehicle fees have increased by an average of $55.75 million per month since the filing of March returns began in April of FY 2013.

 

What others say about this article

  • Bookmark and Share

Commenting not available.
Commenting is not available.

Most Popular

 

Please wait ...