Deal: April revenues up 15 percent
Gov. Nathan Deal announced today that Georgia’s net tax revenues for April totaled $1.93 billion, an increase of $252 million, or 15 percent, compared to April 2014. Year-to-date, net tax revenue collections totaled $15.78 billion for an increase of nearly $1.05 billion, or 7.1 percent, compared to the previous fiscal year, when net tax revenues totaled $14.73 billion through 10 months. Year-to-date gross tax collections, before refunds and distributions to local governments, totaled $22.15 billion, which was an increase of approximately $1.36 billion, or 6.5 percent, compared to the year-to-date total of $20.79 billion in April 2014.
The changes within the following tax categories made up the majority of April’s net tax increase:
Individual Income Tax: Individual Income Tax collections for April totaled almost $1.06 billion, up from $867.6 million in April 2014, for an increase of $190.8 million, or 22 percent.
The following notable components within Individual Income Tax account for the net increase:
• Income Tax Withholding payments were up nearly $57.4 million, or 7.2 percent
• Income Tax refunds, which totaled $612.2 million during the month, were up $14.7 million, or 2.5 percent
• Income Tax Return payments were up $107.2 million, or 20.8 percent
• All other Individual Tax categories, including Non-Resident Income Tax, were up $40.9 million
Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled approximately $910.5 million, which was an increase of $40.3 million, or 4.6 percent, compared to April 2014. Net Sales Tax revenue increased $34.6 million, or 7.4 percent, compared to last year, when net Sales Tax totaled $469.7 million. The adjusted distribution of sales tax to local governments totaled $393.2 million, a decrease of $2 million, or -0.5 percent, compared to last year’s total. Sales Tax refunds increased $7.7 million compared to April 2014.
Corporate Income Tax: Corporate Income Tax collections for April decreased $1.2 million, or -1.1 percent, compared to FY 2014, when Corporate Tax revenues totaled $107.7 million for the month.
The following notable components within Corporate Income Tax combine to make up the net decrease:
• Corporate Tax refunds issued (net of voided checks) were up $0.2 million, or 3.3 percent
• Corporate Estimated Tax payments were up $9.8 million, or 10 percent
• All other Corporate Tax categories, including Return and S-Corp, were down $10.8 million
Motor Fuel Tax: Motor Fuel Tax collections during April totaled $91.3 million for an increase of nearly $9.1 million, or 11 percent, compared to last year, when Motor Fuel Tax revenues totaled $82.2 million. In addition to an increase in gallons sold that accounted for roughly $3 million of the year-over-year increase, the Motor Fuel Tax total in April 2014 was understated by roughly $6 million due to a delay in payment processing.
