Gov. Nathan Deal announced today that Georgia’s net tax collections for December totaled nearly $1.91 billion, an increase of $158 million, or 9 percent, compared to December 2013, when net collections totaled $1.75 billion.
Year-to-date, net tax collections totaled $9.61 billion, which was an increase of nearly $517 million, or 5.7 percent, compared to the previous fiscal year, when net tax revenues totaled $9.09 billion after six months. Year-to-date gross tax revenues, before refunds and distributions to local governments, totaled $12.48 billion, which was an increase of $711 million, or 6 percent, compared to the year-to-date total of $11.77 billion as of December 2013.
The following changes within the following tax categories led to the overall net revenue increase in December:
Individual Income Tax: Individual Income Tax collections for December totaled approximately $1.09 billion, up from $958 million in December 2013, for an increase of $128.5 million, or 13.4 percent.
The following notable components within Individual Income Tax account for the net increase:
• Individual Income Tax Withholding payments were up $91.5 million, or 10.7 percent
• Individual Income Tax refunds issued (net of voided checks) were up $16.25 million, or 76.7 percent;
• Individual Income Tax Estimated payments increased $56.5 million, or 65 percent, over December 2013;
• All other Individual categories including Income Tax Return payments were down a combined $3.25 million
Sales and Use Tax: Gross Sales Tax collections for December increased $41.5 million, or 5.2 percent, compared to FY 2014. In addition, net Sales & Use Tax collections increased approximately $16.75 million, or 4 percent, over the previous year, when net Sales Tax totaled nearly $414.5 million. The adjusted distribution of
sales tax to local and county governments totaled $397.5 million, which was an increase of $25.25 million compared to last year. Lastly, refunds of sales tax overpayments declined slightly by $0.5 million compared to last year.
Corporate Income Tax: Corporate Income Tax collections for December increased $33.85 million, or 22.1 percent, compared to last year, when net Corporate Tax revenues totaled approximately $153.5 million.
The following notable components within Corporate Income Tax make up the increase:
• Corporate Tax refund processing activity declined $14.85 million, or -54.1 percent
• Corporate Income Tax Return payments increased $21.25 million, or 131.7 percent
• All other Corporate Tax categories combined for a decrease of $2.25 million compared to FY 14