Deal: August revenues up 3.5 percent

September 8, 2014

Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of August totaled $1.39 billion for an increase of $47 million, or 3.5 percent, compared to the month-ended August 2013. Year-to-date, net tax revenue collections totaled $2.88 billion, an increase of $125 million, or 4.5 percent, compared to the previous fiscal year when net tax revenues totaled $2.75 billion through August. Lastly, year-to-date gross tax revenues totaled $3.82 billion, an increase of nearly $197 million, or 5.4 percent, compared to month-ended August 2013.

Changes within the following major tax categories explain the net revenue increase in August:

Individual Income Tax: Individual Income Tax collections for August totaled $714 million, up from $699.5 million in August 2013, for an increase of nearly $14.5 million or 2.1 percent.

The following notable components within Individual Income Tax account for the net increase:

• Individual Income Tax Withholding payments were up $28.75 million or 4.1 percent

• Individual Income Tax refunds issued (net of voided checks) were up $14.75 million or 40.2 percent

• All other Individual categories including Return & Estimated payments were up a combined $0.5 million

Sales and Use Tax: Gross Sales Tax collections for the month increased $55.5 million, or 6.9 percent, compared to last year. In addition, net Sales & Use Tax collections rose nearly $34.25 million, or 8.4 percent, compared to August 2013, when net Sales Tax totaled nearly $408 million. The adjusted distribution of sales tax to local and county governments totaled $407.1 million, an increase of $32.85 million compared to last year. Sales tax refunds declined $11.5 million compared to the previous fiscal year, when nearly $19.75 million in refunds were processed.

Corporate Income Tax: Corporate Income Tax collections for August decreased $2 million, or -13 percent, compared to last year, when net Corporate Tax revenues totaled roughly $15.35 million.

The following notable components within Corporate Income Tax make up the decrease:

• Corporate Tax refunds issued (net of voided checks) were up $10.9 million or 250.8 percent

• Corporate Estimated payments for the month increased $11.0 million or 142.7 percent

• Corporate Income Tax Return payments decreased nearly $2.25 million or -25.6 percent

• All other Corporate Tax categories combined for a slight increase of $0.1 million compared to FY ‘13

Related Files:

FY2015_AUG Fincl Comp Summ_FINAL.09.04.14.pdf (20.27 KB)