The following changes within the various tax categories led to the overall net revenue increase in June:
Individual Income Tax: Individual Income Tax collections for June totaled slightly less than $791.5 million — up from $780.75 million in June 2012 — for an increase of $10.5 million, or 1.4 percent.
The following notable components within Individual Income Tax account for the increase:
- Individual Tax Withholding payments increased $13.25 million, or 2 percent, over last year
- Individual Income Tax refunds (net of voided checks) were up $22.75 million, or 46.7 percent
- All other Individual Tax categories including Estimated payments were up a combined $20 million
Sales and Use Tax: Net Sales and Use Tax collections for June totaled $414.5 million — down from $429 million in June 2012 — for a decrease of $14.5 million, or -3.4 percent. The monthly Sales Tax Distribution to local governments totaled $371 million, which was a decrease of $30.5 million compared to last year, but total distributions during the year were actually $10.25 million higher than FY2012 as a whole.
Corporate Income Tax: Corporate Income Tax collections for June increased $2.75 million, or 1.8 percent — up from $154 million last year to $156.75 million in FY2013.
The following notable components within Corporate Income Tax make up the increase:
- Corporate Tax refunds (net of voided checks) were down $1 million, or -8.2 percent
- Corporate Tax Estimated payments were up $26 million, or 24.1 percent
- All other Corporate Tax categories combined for a decrease of $24.25 million, or -41.2 percent
Motor Vehicle Tag & Title Fees: Motor Vehicle Fee collections for June totaled $87 million, which was $58 million higher than the previous year. The large year-over-year increase is the result of new tax legislation (HB 266) that went into effect at March 1. The new law established a Title ad Valorem Tax to replace the Auto Sales Tax that was traditionally assessed on the purchase of a car. As a result, gross Sales Tax has been reduced while Motor Vehicle Fees have increased an average of $47 million per month since the filing of March returns began in mid-April.