The state of Georgia’s net tax collections for the month of August totaled $1.3 billion, an increase of $108 million or 9.1 percent compared to August 2010, Gov. Nathan Deal reported today.
“The second month of fiscal year 2012 has continued the trend of year-on-year comparison growth,” said Deal. “I am particularly encouraged by this month’s results considering the global economic turbulence we are witnessing. It is with that turbulence in mind that I remain cautious about the months ahead.”
The following changes within the various tax categories led to the overall revenue increase:
Individual Income Tax: Individual Income Tax collections for August 2011 totaled $707 million, up from $624 million in August 2010 for an increase of $83.5 million or 13.4 percent.
The following notable components within Individual Income Tax make up the overall increase:
• Individual Tax Assessments were up $6 million or $71.5 percent.
• Individual Withholding payments were up $56.5 million or 8.7 percent
• Individual refunds issued (net of voided checks) were down $7 million or 14 percent
• All other Individual Income Tax categories combined for an increase of $14 million
Sales and Use Tax: Sales and Use Tax collections for August 2011 totaled $433.5 million, up from $419 million in August 2010, for an increase of $14.5 million or 3.4 percent. The current month’s Sales Tax Distribution to local governments also increased $27.5 million or 7.3 percent compared to last year.