Gov. Nathan Deal announced Thursday that Georgia’s net tax collections for November totaled nearly $1.46 billion, an increase of approximately $60.5 million compared to November 2013. Year-to-date, net tax-revenue collections totaled
$7.7 billion, which was an increase of $359 million compared to the previous fiscal year, when net tax revenues totaled $7.34 billion after five months. Year-to-date gross tax revenues, before refunds and distributions to local governments, totaled $10.1 billion, which was an increase of nearly $523 million compared to November 2013.
The following changes within the tax categories led to the overall net revenue increase in November:
Individual income tax: Individual income-tax collections for November totaled nearly $747.75 million, up from $694.25 million in November 2013, for an increase of $53.5 million.
The following notable components within individual income-tax account for the net increase:
• Individual income-tax withholding payments were up $44 million.
• Individual income-tax refunds issued (net of voided checks) were down $20.5 million.
• All other categories, including return and estimated payments, were down a combined $11 million.
Sales-and-use tax: Gross sales-tax collections for November increased $46.25 million compared to FY 2014. In addition, net sales-and-use tax collections increased $14.5 million over the previous year, when net sales tax totaled nearly $423.5 million. The adjusted distribution of sales tax to local and county governments totaled $399.25 million, which was an increase of $24.75 million compared to last year. Lastly, sales-tax refunds increased almost $7 million compared to last year, when just $1.5 million in refunds were processed.
Corporate income tax: Corporate income-tax collections for November increased nearly
$1.6 million compared to last year, when net corporate-tax revenues totaled approximately $0.925 million.
The following notable components within corporate income tax make up the increase:
• Corporate-tax refunds issued were up $0.25 million.
• Corporate income-tax return payments increased $1.55 million.
• All other corporate-tax categories combined for an increase of $0.275 million compared to FY 14.
State revenue up 4.3 percent in November
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