Gov. Nathan Deal recently announced that Georgia’s net tax collections for October totaled $1.38 billion, an increase of $83.5 million, or 6.4 percent, compared to October 2011. Through four months, net revenue collections totaled $5.6 billion, an increase of $258.5 million, or 4.8 percent, compared to last year.
The following changes within the various tax categories led to the overall net revenue increases in October.
Individual income tax
Individual income tax collections for October totaled $757 million, up from nearly $700 million in October 2011, for an increase of $57.25 million, or 8.2 percent.
The following notable components within individual income tax account for the increase:
• Individual withholding payments were up $53.25 million, or 7.6 percent
• Individual estimated payments were up $1.25 million, or 10.6 percent
• Individual income tax refunds (net of voided checks) were up $4.25 million, or 4.4 percent
• All other individual income tax categories combined for an increase of $7 million
Sales and use tax
Net sales and use tax collections for October totaled $439.25 million, up from $437.25 million in October 2011, for an increase of $2 million, or 0.5 percent. The monthly distribution to local governments totaled $380.5 million, which was a decrease of $7.5 million, or 1.9 percent, compared to last year’s distribution. The total distribution included a pro rata distribution of $1.2 million pursuant to state law.
Corporate income tax
Corporate income tax collections for October increased $5.75 million, or 58.7 percent, from $9.75 million in October 2011 to $4 million this year (refunds outstripped revenues).
The following notable components within corporate income tax make up the increase:
• Corporate tax return payments were up $3.75 million, or 56.1 percent
• Corporate tax refunds (net of voided checks) were down $3.25 million, or 8.6 percent
• All other corporate tax categories (including S-Corp) combined for a decrease of $1.25 million