Georgia’s net tax collections for July totaled $1.41 billion, an increase of $88.5 million, or 6.7 percent, compared to July 2012, according to Gov. Nathan Deal.
Gross tax-revenue deposits for the month totaled $1.85 billion, an increase of $70.5 million, or 4 percent, compared to last fiscal year.
The following changes within the various tax categories led to the overall net revenue increase in July:
Individual income tax
Collections for July totaled $758.25 million, up from $698 million in July 2012, for an increase of $60.25 million or 8.6 percent.
The following notable components within individual income tax account for the net increase:
• Individual withholding payments were up nearly $55.5 million, or 7.8 percent
• Individual income tax refunds issued (net of voided checks) were down $1.75 million, or minus-4.2 percent
• All other individual categories including return and assessment payments were up a combined $3 million
Sales and use tax
Gross sales-tax collections declined $43.25 million, or minus-5 percent, compared to last year, while net sales-and-use tax collections for July 2013 dropped $30.25 million, or minus-6.6 percent, down from $460.25 million in July 2012 to a total of $430 million in July FY 2014.
Lastly, the monthly sales-tax distribution to local governments totaled $378.75 million, which was a decrease of $17.5 million, or minus-4.4 percent, compared to last year.
Corporate income tax
Collections for July 2013 decreased $4 million, or minus-21.8 percent, compared to last year when revenues totaled nearly $18.0 million in July.
The following notable components within corporate income tax make up the decrease:
• Corporate tax refunds issued (net of voided checks) were down $3 million, or minus-23.6 percent.
• Corporate estimated payments for July 2013 decreased $6.5 million, or minus-30.4 percent
• All other corporate-tax categories combined for a decrease of nearly $500,000 compared to last July.
Motor-vehicle tag and title fees
Collections for July 2013 totaled $83.5 million, which was $62.25 million higher than the previous year.
The large year-over-year increase is the result of new tax legislation, House Bill 266, that became effective 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 an average of $50.75 million per month since the filing of March returns began in mid-April of FY 2013.