Deal: January revenues up 3 percent

Gov. Nathan Deal announced today that Georgia’s net tax collections for January totaled $1.86 billion, an increase of $53.9 million, or 3 percent, compared to January 2014. Year-to-date, net tax collections totaled $11.47 billion, which was an increase of $570.75 million, or 5.2 percent, compared to the previous fiscal year, when net tax revenues totaled almost $10.9 billion through seven months. Year-to-date gross tax revenues, before refunds and distributions to local governments, totaled $14.88 billion, which was an increase of $834 million, or 5.9 percent, compared to the year-to-date total of $14.05 billion in January 2014.

The changes within the following tax categories made up the majority of January’s net tax increase:
 
Individual Income Tax:  Individual Income Tax collections for January totaled approximately $1.06 billion, down from $1.07 billion in January 2014, for a decrease of $12.75 million, or -1.2 percent.

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

•      Individual Withholding payments were down $18.75 million, or -2.2 percent

•      Individual Income Tax refunds issued were up $41 million, or 221.3 percent

•      Estimated payments were up nearly $31.5 million, or 16.3 percent

•      All other Individual Tax categories including Income Tax Return payments were up $15.5 million

Sales and Use Tax: Gross Sales Tax collections deposited during the month totaled $1.02 billion, which was an increase of $77.25 million, or 8.2 percent, compared to FY 2014. Furthermore, net Sales Tax collections increased nearly $45.75 million, or 9.1 percent, compared to the previous year, when net Sales Tax totaled $498.75 million. The adjusted distribution of sales tax to local governments totaled $474.75 million, which was an increase of $31 million over last year’s distribution. Refunds of overpayments increased just $0.5 million year-over-year.

Corporate Income Tax:  Corporate Income Tax collections for January increased nearly $2 million, or 13.9 percent, compared to last year, when Corporate Tax revenues totaled almost $14 million.

The following notable components within Corporate Income Tax combine to make up the net increase:

•      Corporate Tax refunds issued were down roughly $1.75 million, or -10.1 percent

•      Corporate Income Tax Return payments increased $2.85 million, or 119 percent

•      Estimated payments were down $4.5 million, or -16.8 percent

•      All other Corporate Tax categories, including S-Corp and Net Worth payments, increased $1.9 million