The state of Georgia’s net revenue in May rose $29 million or 2.5 percent as compared to net revenues in May 2010, Gov. Nathan Deal reported today. This marks the 11th consecutive month in FY 2011 that there was an increase in net monthly collections.
“Our revenue numbers continue to be above trend this month, and we are still well over where we were last year,” Deal said. “We’re encouraged by the positive trends, but we’ll continue to watch our numbers closely to ensure we maintain a fiscally conservative state budget.”
The following changes within the various tax categories led to the overall revenue increase:
Individual Income Tax: Individual Income Tax collections for May 2011 reported an decrease of $4 million or -0.6 percent, down from $623 million in May 2010 to $619 million in May 2011.
The following notable components within Individual Income Tax make up the overall increase:
· Individual Tax Return payments are down $31 million or 42.9 percent.
· Individual Withholding payments are up $49 million or 7.8 percent.
· Individual refunds issued (net of voided checks) are up $33 million or 32.2 percent.
· All other Individual Income Tax categories are up $11 million.
Sales and Use Tax: Sales and Use Tax reported an increase in net collections of $18 million or 4.4 percent, up from $414 million in May 2010 to $432 million in May 2011. Gross collections reported an increase of $25 million or 3.2 percent, up from $782 million in May 2010 to $807 million in May 2011. Net Refunds remained flat at $7 million when compared to the same month last year. The Local Sales Tax Distribution for May 2011 increased by $7 million when compared to the sales tax distribution total of $361 million in May 2010.