Gov. Nathan Deal announced today that Georgia’s net tax collections for November totaled nearly $1.35 billion, which was a decrease of $(9) million, or -0.7 percent, compared to the same period last fiscal year. Through five months, however, net tax revenue collections are up $249.5 million, or 3.7 percent, compared to YTD November 2011.
The following summarize net revenue changes within major tax categories during the month:
Individual Income Tax: Individual Income Tax collections for November totaled $701.5 million — up from $679.25 million in November 2011— for an increase of $22.25 million, or 3.3 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual Withholding payments were up $10 million, or 1.5 percent
• Individual Income Tax refunds (net of voided checks) were down $(3.5) million, or -10.3 percent
• All other Individual Income Tax categories combined for an increase of $8.75 million
Sales and Use Tax: Net Sales and Use Tax collections for November totaled $435 million — down from $451.25 million in November 2011 — for a decrease of $(16.25) million, or -3.6 percent. While gross sales tax collections improved $15.75 million, or 2.0 percent, compared to last year, the distribution to local governments totaled $378.5 million, which was an increase of nearly $32 million or, 9.2 percent, compared to last year’s distribution. With refunds essentially flat, the large distribution variance offset the growth in gross collections.
Corporate Income Tax: Corporate Income Tax collections for November were down $(20) million, or -191 percent, compared to last year. Net corporate refunds outstripped monthly revenues to create a negative revenue figure of $(9.5) million, down from $10.5 million in net tax revenue during November 2011.
The following notable components within Corporate Income Tax make up the decrease:
• Corporate Tax Estimated payments were up $4.75 million, or 46.1 percent
• Corporate Tax refunds (net of voided checks) were up $26 million, or 580.0 percent
• All other Corporate Tax categories (including S-Corp) combined for an increase of $1.25 million