Deal: September revenues up 5 percent

Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of September totaled $1.81 billion for an increase of $86.25 million, or 5 percent, compared to the month-ended September 2013. Year-to-date, net tax revenue collections totaled $4.69 billion, an increase of $211.25 million, or 4.7 percent, compared to the previous fiscal year when net tax revenues totaled $4.48 billion through September. Lastly, year-to-date gross tax revenues totaled $6.09 billion, an increase of $317 million, or 5.5 percent, compared to month-ended September 2013.

Changes within the following major tax categories explain the net tax revenue increase in September:
 
Individual Income Tax:  Individual Income Tax collections for September totaled nearly $950 million, up from $885.5 million in September 2013, for an increase of nearly $64.5 million, or 7.3 percent.

The following notable components within Individual Income Tax account for the net increase:
•      Individual Withholding payments were up $44 million, or 6.1 percent

•      Individual Income Tax refunds issued (net of voided checks) were down $2.5 million, or -7.1 percent

•      Individual Estimated payments were up $13.75 million, or 9.2 percent over last year

•      All other Individual categories combined, including Return payments, were up nearly $4.25 million

Sales and Use Tax:  Gross Sales Tax collections for the month increased $50.5 million, or 6.3 percent, compared to last year. In addition, net Sales & Use Tax collections rose $24.25 million, or 5.7 percent, compared to September 2013, when net Sales Tax totaled nearly $421.5 million. The adjusted distribution of sales tax to local and county governments totaled $406.25 million, an increase of $25.5 million compared to last year. Sales tax refunds increased $0.75 million compared to the previous fiscal year, when $4.75 million in refunds were processed.

Corporate Income Tax:  Corporate Income Tax collections for September increased nearly $5 million, or 2.7 percent, compared to last year, when net Corporate Tax revenues totaled approximately $179.75 million.

The following notable components within Corporate Income Tax make up the net increase:
•      Corporate Tax refunds issued (net of voided checks) were up nearly $8 million, or 104.7 percent

•      Corporate Estimated payments for the month increased $13.25 million, or 8.5 percent

•      All other Corporate Tax categories including Return payments were down a combined $0.40 million