February revenues see significant rise

Gov. Nathan Deal reported today that the Georgia Department of Revenue saw a $148 million increase (26.1 percent) in monthly net revenue collections compared to February 2010.

“Signs continue to suggest that our state economy is rebounding strongly, and we’ll continue to work at the state level to see that this growth translates into new job opportunities for all Georgians,” Deal said.

Individual income tax collections for February 2011 reported an increase of $95 million (105.5 percent), up from $90 million in February 2010 to $185 million in February 2011.

The spike shows significant growth, but a hefty portion of the increase results from an accounting change. The federal filing date for submitting an itemized individual return was pushed back two weeks from Feb. 1 to Feb. 15, 2011.  This has contributed to a two-week shift in refunds issued to taxpayers, thus more individual refunds are expected to be issued in March 2011 than in March 2010.

Sales and Use Tax reported an increase in net collections of $33 million (9.6 percent), up from $342 million in February 2010 to $375 million in February 2011.

Motor Fuel Taxes combined reported an increase of $2 million or 3.4 percent in collections, increasing from $69 million in February 2010 to $71 million in February 2011.

Corporate Income Tax increased $9 million or 190.5 percent in February 2011 compared to February 2010.