The state of Georgia saw healthy boosts in revenue for the month of March and for the fiscal quarter, Gov. Nathan Deal reported today.
“Georgia continues to experience strong revenue growth, a leading indicator of a rebounding economy,” said Deal. “This positive trend will aid our ability in the final days of the legislative session to enact tax reforms that will increase our state’s competitiveness and build a strong job-creating environment here at home.”
When compared to March 2010, March 2011 revenues rose $107 million, or 10.7 percent.
The following changes within the various tax categories led to the overall increase:
Individual Income Tax: Individual Income Tax collections for March 2011 reported an increase of $43 million, or 12.5 percent, up from $345 million in March 2010 to $388 million in March 2011.
The following are categories within individual income tax that led to the increase.
- Individual Withholding payments were up $27 million, or 3.5 percent.
- Net individual refunds issued (including voided checks) were down $15 million, or -2.8 percent.
- All other individual collection categories were up $1 million.
Sales and Use Tax: Sales and Use Tax reported an increase in net collections of $58 million, or 16.4 percent, up from $355 million in March 2010 to $413 million in March 2011. Gross collections reported an increase of $57 million, or 7.9 percent, up from $724 million in March 2010 to $781 million in March 2011. Net refunds decreased by $2 million when compared to the same time last year. Actual sales tax distributions for March 2011 increased by $1 million when compared to the sales tax distribution total of $365 million for March 2010. A pro-rata sales tax distribution of $7.4 million was made on March 15, 2011, in accordance with H.B. 181.
For the fiscal quarter comprised of January-March 2011, the state saw a $372 million, or 12.4 percent, over the same quarter last year:
- Individual Income Tax was up $232 million, or 19.2 percent.
- Net Sales Tax was up $97 million, or 8.1 percent.
- Prepaid Motor Fuel Tax was up $18 million, or 19.3 percent.
- Motor Fuel Excise Tax was down $1.7 million, or -1.6 percent.
- Corporate Income Tax was up $56 million, or 34.7 percent.
- Tobacco Tax was down $2.8 million, or -5.3 percent.
- Alcohol Beverages Tax was down $1.5 million, or -3.7 percent.
- Property Tax was down $9.5 million, or -35.6 percent.
- Motor Vehicle collections were up $1.5 million, or 1.8 percent.Other Sales and Fees (Unclaimed property) were down $17 million.