View Mobile Site
  • Bookmark and Share

State revenue up in January

POSTED: February 16, 2014 7:30 a.m.

Gov. Nathan Deal recently announced that Georgia’s net tax collections for the month of January totaled almost $1.81 billion for an increase of $76.25 million, or 4.4 percent, compared to the month-ended January 2013.
Year-to-date, net tax revenue collections totaled $10.9 billion for an increase of nearly $518.5 million, or 5 percent, compared to the same point last year.

Individual income tax
Collections for January totaled $1.07 billion — up from nearly $1.025 billion in January 2013, for an increase of $45 million, or 4.4 percent.
The following notable components combine for the net increase:
• Individual withholding payments for January were up $46 million, or 5.6 percent
• Individual-income tax refunds issued (net of voided checks) were down $10.75 million, or minus-36.8 percent
• All other individual tax categories, including return and estimated payments, were down $11.75 million

Sales and use tax
Gross sales-tax collections declined $32.75 million, or minus-3.4 percent, on account of legislation that replaced the traditional automobile-sales tax with a one-time title tax, while net sales-and-use tax collections for January decreased $20 million, or minus-3.9 percent — down from $518.75 million in January 2013 to nearly $498.75 million this year.
Lastly, refunds were down $12.25 million while the adjusted distribution to local governments totaled $443.75 million, a slight decrease of $0.5 million compared to FY 2013.  

Corporate income tax
Collections for January decreased approximately $6.75 million, or minus-32.8 percent, compared to FY 2013, when corporate-tax revenues totaled $20.75 million.
The following notable components within corporate income tax make up the net decrease:
• Corporate-tax refunds issued (net of voided checks) were up nearly $1.4 million, or 8.5 percent
• Corporate income-tax return payments were down $1.7 million, or minus-41.6 percent
• All other corporate-tax categories, including S-corp and net-worth payments, decreased by $3.7 million.

Tag and title fees
Fee collections for January totaled $85.25 million, which was roughly $56.75 million higher than the previous year before the implementation of House Bill 266.

Tax-reform impacts
HBs 386 and 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 and title fees is the result of the March 1, 2013, implementation of a new title ad valorem tax. 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.

  • Bookmark and Share

Commenting not available.
Commenting is not available.


Please wait ...