Deal: April revenues up 11 percent

Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of April 2012 totaled $1.53 billion for an increase of $152 million or 11 percent compared to April 2011. Through 10  months of FY2012, net revenue collections totaled nearly $13.3 billion for an increase of $677 million or 5.4 percent compared to the same period last year.

The following changes within the various tax categories contributed to the net revenue increase in April:
 
Individual Income Tax: Individual Income Tax collections for April 2012 totaled $804.75 million, up from $711 million in April 2011, for an increase of $93.75 million or 13.2 percent.

The following notable components within Individual Income Tax account for the increase:
•      Individual Income Tax refunds issued (net of voided checks) were down $34 million or -6 percent
•      Individual Withholding payments were up $54.75 million or 8.0 percent over last year
•      Individual Tax Return payments were up $25 million or 8.6 percent compared to last April
•      All other Individual Tax categories, including estimated payments were down a combined $(20) million

Sales and Use Tax: Net Sales and Use Tax collections for April 2012 totaled $482.5 million, up from $460.5 million in April 2011, for an overall increase of $22 million or 4.8 percent. Gross Sales Tax collections were up $52.5 million over April 2011 with a total of $902 million for the month. The monthly Sales Tax Distribution to local governments totaled nearly $401 million for an increase of $20 million or 5.3 percent over last year.

Corporate Income Tax: Corporate Income Tax collections for April 2012 declined $(2.25) million, down from $70.25 million in April 2011 to $68 million this year.

The following notable components within Corporate Income Tax make up the decrease:
•      Corporate Tax refunds issued (net of voided checks) were up $1.25 million over last year
•      S-Corporate Tax payments were down $(2.75) million or -58.5 percent compared to last April
•      Corporate Income Tax, Net Worth and Estimated payments were up a combined $1.75 million