Gov. Nathan Deal today announced that Georgia’s net tax collections for February totaled $796 million for an increase of nearly $31 million, or 4 percent, compared to February 2012. After eight months in this fiscal year, net tax collections are up almost $595 million, or 5.6 percent, compared to the same point last year.
The following sections summarize the net revenue changes within the major tax categories during the month:
Individual Income Tax: Individual Income Tax collections in February totaled $207.5 million — down from $235.75 million in February 2012 — for a decrease of $28.2 million, or -12 percent.
The following notable components within Individual Income Tax account for the decrease:
• Individual Withholding payments were down $46 million, or -5.9 percent
• Individual Income Tax refunds (net of voided checks) were up $2 million, or 0.4 percent
• All other Income Tax categories, including Return payments, combined for an increase of $19.75 million
Sales and Use Tax: Net Sales and Use Tax collections for February totaled $446.25 million, up $34 million, or 8.3 percent, compared to last year when net sales tax totaled $412.25 million. Gross sales tax collections increased $23 million, or 3 percent, compared to FY 2012. The distribution to local governments fell $6.5 million to a total of $348 million and sales tax refunds for the month decreased $4.5 million relative to February 2012.
Corporate Income Tax: Corporate Income Tax collections for February increased $31 million, or 92.3 percent, compared to last year’s net collections total of $33.5 million. Net corporate refunds dropped considerably compared to last February, while gross corporate revenue increased nearly $10 million over last year.
The following notable components within Corporate Income Tax make up the increase:
• Corporate Tax refunds (net of voided checks) were down $21.25 million, or -40.8 percent
• Corporate Estimated payments were up $7.75 million, or 68.1 percent
• All other Tax categories, including Corporate Return payments, combined for an increase of $2 million