Deal: October revenues up 5.9 percent

Gov. Nathan Deal announced today that Georgia’s net tax collections for October totaled $1.55 billion, an increase of $87 million, or 5.9 percent, compared to October 2013. Year-to-date, net tax revenue collections totaled $6.24 billion, which was an increase of $298.5 million, or 5 percent, compared to the previous fiscal year, when net tax revenues totaled $5.94 billion after four months. Year-to-date gross tax revenues, before refunds and distributions to local governments, totaled nearly $8.2 billion, which was an increase of $453.5 million, or 5.9 percent, compared to October 2013.

The following changes within the various tax categories led to the overall net revenue increase in October:
 
Individual Income Tax:  Individual Income Tax collections for October totaled $834.5 million, up from $767.75 million in 2013, for an increase of $66.75 million, or 8.7 percent.

The following notable components within Individual Income Tax account for the net increase:
•      Individual Income Tax Withholding payments were up $60.75 million, or 8 percent

•      Individual Income Tax refunds issued (net of voided checks) were up $2.5 million, or 2.3 percent

•      All other Individual categories including Return & Estimated payments were up a combined $8.5 million

Sales and Use Tax:  Gross Sales Tax collections for October increased $58 million, or 7.2 percent, compared to FY 2014. In addition, net Sales & Use Tax collections increased nearly $33.5 million, or 8 percent, over the previous year, when net October Sales Tax totaled $417.5 million. The adjusted distribution of sales tax to local and county governments totaled $400.7 million, which was an increase of $28 million compared to last year. Lastly, Sales Tax refunds dropped $3.5 million compared to last year, when nearly $11.25 million in refunds were processed.

Corporate Income Tax:  Corporate Income Tax collections for the month decreased $30.5 million, or -99.8 percent, compared to last year, when net Corporate Tax revenues totaled $30.5 million. Year-to-date, Corporate Tax collections are down $15 million, or -6.3 percent, compared to the same four month period last year.

The following notable components within Corporate Income Tax make up the decrease in October:
•      Corporate Tax refunds issued (net of voided checks) were up $24.25 million, or 387.3 percent

•      Corporate Income Tax Return payments decreased nearly $4.75 million, or -63.5 percent

•      All other Corporate Tax categories combined for a decrease of $1.5 million compared to FY 14