Georgia takes in more money last month - WALB.com, South Georgia News, Weather, Sports

Georgia takes in more money last month

ATLANTA, GA (WALB) -

With information from the governor's office-

 Governor Nathan Deal announced today that Georgia's net tax collections for the month of August totaled $1.35 billion for an increase of $27 million, or 2%, compared to August 2012.

Year-to-date, net tax revenue collections totaled $2.75 billion for an increase of nearly $115.5 million or 4.4 percent, compared to the same point last year.

The following changes within the various tax categories led to the overall net revenue increase in August:
 
Individual Income Tax: Individual Income Tax collections for August totaled $699.5 million — down from $709 million in August 2012, for a decrease of $9.5 million or -1.3 percent.

The following notable components within Individual Income Tax account for the net decrease:
•      Individual Withholding payments were down $25.75 million, or -3.6 percent

•      Individual Income Tax refunds issued (net of voided checks) were down $9.25 million, or -20.4 percent
•      All other Individual categories including Return & Assessment payments were up a combined $7 million

Sales and Use Tax: Gross Sales Tax collections declined $37.5 million, or -4.5 percent, compared to last year*. Net Sales & Use Tax collections for August decreased nearly $39 million, or -8.7 percent — down from $446.75 million in August 2012 to a total of $408 million in FY 2014. Lastly, the adjusted Sales Tax distribution to local governments totaled $374.25 million, which was a decrease of $11.25 million compared to August 2012.

Corporate Income Tax: Corporate Income Tax collections for August increased nearly $3.5 million, or 28.3 percent, compared to last year when Corporate Tax revenues totaled nearly $12 million in August 2012.

The following notable components within Corporate Income Tax make up the increase:
•      Corporate Tax refunds issued (net of voided checks) were down $10.5 million, or -70.5 percent

•      Corporate Return payments for August increased $5.75 million, or 195.5 percent

•      All other Corporate Tax categories combined for a decrease of nearly $12.75 million compared to FY 2013

*Motor Vehicle Tag & Title Fees: Motor Vehicle Fee collections for August totaled $87 million, which was $59 million higher than the previous year. The large year-over-year increase is the result of the new tax legislation (H. B. 266) that became effective as of March 1, 2013.

The new law established a Title ad Valorem Tax to replace the Automobile Sales Tax, which was traditionally assessed on the purchase of a car.

As a result, gross Sales Tax collections have been reduced while Motor Vehicle fees have increased by an average of $52.5 million per month since the filing of March returns began in April of FY 2013.

 

Copyright 2013 WALB.  All rights reserved.

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Car drives into Albany duplex, driver flees

    Car drives into Albany duplex, driver flees

    Sunday, April 22 2018 2:34 PM EDT2018-04-22 18:34:09 GMT
    This was the scene on Davidson Drive Saturday night after a truck struck a duplex. (Source: WALB)This was the scene on Davidson Drive Saturday night after a truck struck a duplex. (Source: WALB)

    Albany Police responded to a duplex after a truck hit the building, taking out power for one side of the street.

    More >>

    Albany Police responded to a duplex after a truck hit the building, taking out power for one side of the street.

    More >>
  • Family friend remembers Tifton shooting victim

    Family friend remembers Tifton shooting victim

    Sunday, April 22 2018 1:54 PM EDT2018-04-22 17:54:25 GMT

    A family friend of a Tifton woman who died after being shot multiple times this week speaks out about her life.  Our partners at the Tifton Gazette report it happened Tuesday at Rachel Jordan's home on Old Brookfield Road.

    More >>

    A family friend of a Tifton woman who died after being shot multiple times this week speaks out about her life.  Our partners at the Tifton Gazette report it happened Tuesday at Rachel Jordan's home on Old Brookfield Road.

    More >>
  • Corn hole tournament to help revitalize downtown Pelham

    Corn hole tournament to help revitalize downtown Pelham

    Sunday, April 22 2018 12:55 AM EDT2018-04-22 04:55:46 GMT
    The Southwest Georgia ACL regional tournament was put on by the Pelham Main Street program. (Source: WALB)The Southwest Georgia ACL regional tournament was put on by the Pelham Main Street program. (Source: WALB)
    The Southwest Georgia ACL regional tournament was put on by the Pelham Main Street program. (Source: WALB)The Southwest Georgia ACL regional tournament was put on by the Pelham Main Street program. (Source: WALB)

    A regional corn hole tournament is helping one Southwest Georgia city bring life and a new look to their downtown area.   The City of Pelham held the Southwest American Cornhole League (ACL) Regional tournament to raise funds to revitalize their downtown. =

    More >>

    A regional corn hole tournament is helping one Southwest Georgia city bring life and a new look to their downtown area.   The City of Pelham held the Southwest American Cornhole League (ACL) Regional tournament to raise funds to revitalize their downtown. =

    More >>
Powered by Frankly