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

State sees huge jump in revenue

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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