Gov. Nathan Deal recently announced that Georgia’s net tax collections for September totaled $1.72 billion for an increase of $132 million, or 8.3 percent, compared to September 2012.
Year-to-date, net tax-revenue collections totaled $4.48 billion for an increase of nearly $247.5 million, or 5.8 percent, compared to the same point last year.
Changes within the following tax categories explain the net tax-revenue increase in September:
Individual income tax
Individual income-tax collections for September totaled $885.5 million — up from $827 million in September 2012, for an increase of $58.5 million, or 7.1 percent.
The following components within individual income tax explain the net increase:
• Individual withholding payments were up $44.25 million, or 6.6 percent.
• Individual income tax refunds issued (net of voided checks) were up $3.5 million, or 11.2 percent.
• Individual estimated payments were up $13 million, or 9.5 percent, over the last year.
• All other individual categories including return payments were up a combined $4.75 million.
Sales and use tax
Gross sales tax collections declined $48.5 million, or minus 5.7 percent, compared to last year. Sales and use tax collections for September decreased $38.25 million, or minus 8.3 percent — down from nearly $459.75 million in September 2012 to $421.5 million in fiscal year 2014. Lastly, the adjusted sales-tax distribution to local governments totaled $380.75 million, which was a decrease of $8.25 million compared to September 2012.
Corporate income tax
Corporate income-tax collections for September increased $29.25 million, or 19.5 percent, compared to last year when corporate tax revenues totaled nearly $150.5 million for the month.
The following components within corporate income tax make up the net increase:
• Corporate-tax refunds issued (net of voided checks) were down $8.25 million, or minus 52.4 percent.
• Corporate estimated payments for September increased $21 million, or 15.2 percent.
• All other corporate tax categories combined for a slight immaterial increase of $90,000 compared to fiscal year 2013.
tag and title fees
Motor vehicle fee and tax collections for September totaled $98.25 million, which was $74.5 million higher than the previous year. The large year-over-year increase was the result of a change in the tax code (House Bill 266) that took effect March 1.
The new law established a title ad valorem tax to replace automobile sales tax, which was traditionally assessed on the purchase price of a car, as well as the annual ad valorem “birthday” tax paid on a vehicle’s assessed value. Gross sales-tax collections have been reduced while motor vehicle fees have increased by an average of $56 million per month since the April filing period began.