Gov. Nathan Deal announced today that Georgia’s net tax collections for the month of September totaled $1.72 billion for an increase of $132 million, or 8.3 percent, compared to September 2012. Year-to-date, net tax revenue collections totaled $4.48 billion for an increase of nearly $247.5 million, or 5.8 percent, compared to the same point last year.
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 $885.5 million — up from $827 million in September 2012, for an increase of $58.5 million, or 7.1 percent.
The following notable components within Individual Income Tax explain the net increase:
• Individual Withholding payments were up $44.25 million, or 6.6 percent.
• Individual Income Tax refunds issued (net of voided checks) were up $3.5 million, or 11.2 percent.
• Individual Estimated payments were up $13 million, or 9.5 percent, over last year.
• All other Individual categories including Return payments were up a combined $4.75 million.
Sales and Use Tax: Gross Sales Tax collections declined $48.5 million, or -5.7 percent, compared to last year*. Sales & Use Tax collections for September decreased $38.25 million, or -8.3 percent — down from nearly $459.75 million in September 2012 to $421.5 million in fiscal year (FY) 2014. Lastly, the adjusted Sales Tax distribution to local governments totaled $380.75 million, which was a decrease of $8.25 million compared to September 2012.
Corporate Income Tax: Corporate Income Tax collections for September increased $29.25 million, or 19.5 percent, compared to last year when Corporate Tax revenues totaled nearly $150.5 million for the month.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Tax refunds issued (net of voided checks) were down $8.25 million, or -52.4 percent.
• Corporate Estimated payments for September increased $21 million, or 15.2 percent.
• All other Corporate Tax categories combined for a slight immaterial increase of $90,000 compared to FY 2013
* Motor Vehicle Tag & Title Fees: Motor Vehicle Fee & Tax collections for September totaled $98.25 million, which was $74.5 million higher than the previous year. The large year-over-year increase was the result of a change in the Tax Code (H.B. 266) that took effect March 1. The new law established a Title Ad Valorem Tax to replace Automobile Sales Tax, which was traditionally assessed on the purchase price of a car, as well as the annual ad valorem “birthday” tax paid on a vehicle’s assessed value. Gross Sales Tax collections have been reduced while Motor Vehicle fees have increased by an average of $56 million per month since the April filing period began.