Deal: October revenue up 6.4 percent

Gov. Nathan Deal announced today that Georgia’s net tax collections for October totaled $1.38 billion for an increase of $83.5 million, or 6.4 percent, compared to October 2011. Through four months, net revenue collections totaled $5.6 billion — an increase of $258.5 million, or 4.8 percent, compared to last year.

The following changes within the various tax categories led to the overall net revenue increases in October:
 
Individual Income Tax: Individual Income Tax collections for October totaled $757 million — up from nearly $700 million in October 2011—for an increase of $57.25 million, or 8.2 percent.

The following notable components within Individual Income Tax account for the increase:
•      Individual Withholding payments were up $53.25 million, or 7.6 percent
•      Individual Estimated payments were up $1.25 million, or 10.6 percent
•      Individual Income Tax refunds (net of voided checks) were up $4.25 million, or 4.4 percent
•      All other Individual Income Tax categories combined for an increase of $7 million

Sales and Use Tax: Net Sales and Use Tax collections for October totaled $439.25 million — up from $437.25 million in October 2011 — for an increase of $2 million, or 0.5 percent. The monthly distribution to local governments totaled $380.5 million, which was a decrease of $7.5 million, or -1.9 percent, compared to last year’s distribution. The total distribution included a pro rata distribution of $1.2 million pursuant to state law.

Corporate Income Tax: Corporate Income Tax collections for October increased $5.75 million, or 58.7 percent, from $9.75 million in October 2011 to $4 million this year (refunds outstripped revenues).

The following notable components within Corporate Income Tax make up the increase:
•      Corporate Tax Return payments were up $3.75 million, or 56.1 percent
•      Corporate Tax refunds (net of voided checks) were down $3.25 million, or -8.6 percent
•      All other Corporate Tax categories (including S-Corp) combined for a decrease of $1.25 million