Gov. Nathan Deal announced Wednesday that Georgia’s net tax collections for December totaled $1.69 billion for an increase of $150.75 million, or 9.8 percent, compared to December 2011.
As of the midway point of the fiscal year, net revenue collections are up $400 million, or 4.9 percent, compared to last fiscal year.
The following sections summarize net revenue changes within major tax categories during the month:
Individual income tax
Individual income tax collections in December totaled $945.25 million — up from $845.75 million in December 2011 — for an increase of $99.5 million, or 11.8 percent.
The following notable components within individual income tax account for the increase:
• Individual withholding payments were up $97 million, or 13.1 percent
• Individual income-tax refunds (net of voided checks) were up $15.75 million, or 102.9 percent
• All other income tax categories, including estimated payments, combined for an increase of $18.25 million
Sales and use tax
Net sales and use tax collections for December totaled $440.75 million — up from $402 million in December 2011 — for an increase of $38.75 million, or 9.6 percent. Both gross sales tax collections — which improved $31 million, or 3.9 percent, compared to last year — and the distribution to local governments, totaling nearly $373 million, increased over December 2011. In addition, sales-tax refunds declined by $20.25 million, which helped contribute to the year-over-year improvement in net tax collections relative to December 2011.
Corporate income tax
Corporate income tax collections for December increased $10.25 million, or 8.2 percent, compared to last year’s total of $125.25 million. Even though net corporate refunds were up as well, gross corporate revenue growth relative to last year far exceeded the impact of refunds during the month.
• Corporate-tax estimated payments were up $52.25 million, or 56.2 percent
• Corporate-tax refunds (net of voided checks) were up $14 million, or 109.4 percent
• All other corporate-tax categories (including S-Corp) combined for a decrease of $28 million