State sees huge jump in revenue - WALB.com, Albany News, Weather, Sports

State sees huge jump in revenue

Posted: Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Wanted woman found under a bed

    Wanted woman found under a bed

    Friday, August 29 2014 9:56 AM EDT2014-08-29 13:56:32 GMT
    APD reports that officers got a tip that a wanted person was “hiding out” at 708 North Jackson Street. Offices went to that location and confirmed the suspect was there. They said they found Wanda Harris hiding under a bed and arrested her, then notified DCP.More >>
    APD reports that officers got a tip that a wanted person was “hiding out” at 708 North Jackson Street. Offices went to that location and confirmed the suspect was there. They said they found Wanda Harris hiding under a bed and arrested her, then notified DCP.More >>
  • Take care on the water this weekend

    Take care on the water this weekend

    Friday, August 29 2014 8:52 AM EDT2014-08-29 12:52:39 GMT
    The Department of Natural Resources law enforcement division says its rangers will be busy making sure boaters follow the rules and stay sober and safe while operating boats over the long weekend.More >>
    The Department of Natural Resources law enforcement division says its rangers will be busy making sure boaters follow the rules and stay sober and safe while operating boats over the long weekend.More >>
  • High mercury levels harmful to babies

    High mercury levels harmful to babies

    Friday, August 29 2014 6:02 AM EDT2014-08-29 10:02:09 GMT
    Guidelines regarding fish consumption has been released by the Food and Drug Administration for women who are pregnant, trying to become pregnant and children. Their research shows eating certain types of fish containing extreme levels of mercury can negatively affect neurodevelopment in growing babies.More >>
    Guidelines regarding fish consumption has been released by the Food and Drug Administration for women who are pregnant, trying to become pregnant and children. Their research shows eating certain types of fish containing extreme levels of mercury can negatively affect neurodevelopment in growing babies.More >>
ATLANTA, GA (WALB) -

Information from the governor's office-

Gov. Nathan Deal announced that Georgia's net tax collections for January totaled $1.73 billion for an increase of nearly $164 million, or 10.4%, compared to January 2012.

At the end of seven months, net tax revenue collections are up almost $564 million, or 5.7%, compared to the same point last year.

The following sections summarize the net revenue changes within major tax categories during the month:
 
Individual Income Tax: Individual Income Tax collections in January 2013 totaled $1.025 billion — up from $881.75 million in January 2012 — for an increase of $143.25 million, or 16.3 percent.

The following notable components within Individual Income Tax account for the increase:
•      Individual Estimated payments were up $90.75 million, or 85.8 percent
•      Individual Withholding payments were up $53 million, or 6.9 percent
•      Individual Income Tax refunds (net of voided checks) were down $26 million, or -47.2 percent
•      All other Income Tax categories, including Return payments, combined for a decrease of $26.5 million

Sales and Use Tax: Net Sales and Use Tax collections for January 2013 totaled nearly $519 million, up slightly from January 2012 when net sales tax totaled $518.5 million. Gross sales tax collections dipped slightly by $660,000, or -0.07 percent, compared to last year, while the distribution to local governments fell $11.75 million to a total of $444.25 million. However, sales tax refunds increased $10.75 million, effectively offsetting the impact of the distribution and helping to create an essentially flat month of net collections relative to 2012.

Corporate Income Tax: Corporate Income Tax collections for January 2013 increased $18.25 million, or 710 percent, compared to last year's net collections total of $2.5 million. Net corporate refunds dropped considerably compared to last fiscal year, while gross corporate revenue dropped only slightly by $1.5 million.

The following notable components within Corporate Income Tax make up the increase:
•      Corporate Tax refunds (net of voided checks) were down $19.75 million, or -54.8 percent

•      Corporate Estimated payments were up $11 million, or 70.2 percent

•      Corporate Tax Return payments were down $16 million, or -79.6 percent

•      All other Corporate Tax categories (including S-Corp) combined for an increase of $3.5 million