Your Georgia Desk
From Governor Nathan Deal
Deal: November revenues up 4.3 percent
Gov. Nathan Deal announced today that Georgia’s net tax collections for November totaled nearly $1.46 billion, an increase of approximately $60.5 million, or 4.3 percent, compared to November 2013. Year-to-date, net tax revenue collections totaled $7.7 billion, which was an increase of $359 million, or 4.9 percent, 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, or 5.4 percent, compared to November 2013.
The following changes within the various 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, or 7.7 percent.
The following notable components within Individual Income Tax account for the net increase:
• Individual Income Tax Withholding payments were up $44 million, or 6.2 percent
• Individual Income Tax refunds issued (net of voided checks) were down $20.5 million, or -39.8 percent
• All other Individual categories including Return & Estimated payments were down a combined $11 million
Sales and Use Tax: Gross Sales Tax collections for November increased roughly $46.25 million, or 5.8 percent, compared to FY 2014. In addition, net Sales & Use Tax collections increased $14.5 million, or 3.4 percent, 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.Continue Reading..