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 Headlines

  • Wednesday, May 22 2013 9:02 AM EDT2013-05-22 13:02:25 GMT
    ATLANTA (AP) - Georgia Gov. Nathan Deal has said the state can't afford to expand its already-strained Medicaid program to include 650,000 more residents, but his administration is studying ways other
    Georgia Gov. Nathan Deal has said the state can't afford to expand its already-strained Medicaid program to include 650,000 more residents.

  • Wednesday, May 22 2013 8:18 AM EDT2013-05-22 12:18:58 GMT
    Dougherty County Police say tips called in by WALB News Ten viewers led them to charge a Baconton man for a hit and run over the weekend. Dougherty County Police issued arrest warrants Tuesday for 50
    Dougherty County Police say tips called in by WALB News Ten viewers led them to charge a Baconton man for a hit and run over the weekend.

  • Wednesday, May 22 2013 7:18 AM EDT2013-05-22 11:18:53 GMT
    Downtown Albany will be full of cyclists from all over the Southeast flying through the streets this weekend. The SB&T Bike Race will be held there to kick off the Southeast Regional Series moving through
    Downtown Albany will be full of cyclists from all over the Southeast flying through the streets this weekend. The SB&T Bike Race will kick off the Southeast Regional Series.
    •   
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