Deal: November revenues up 4.3 percent

December 4, 2014

Gov. Nathan Deal announced today that Georgia’s net tax collections for November totaled nearly $1.46 billion, an increase of approximately $60.5 million, or 4.3 percent, compared to November 2013. Year-to-date, net tax revenue collections totaled $7.7 billion, which was an increase of $359 million, or 4.9 percent, compared to the previous fiscal year, when net tax revenues totaled $7.34 billion after five months. Year-to-date gross tax revenues, before refunds and distributions to local governments, totaled $10.1 billion, which was an increase of nearly $523 million, or 5.4 percent, compared to November 2013.

The following changes within the various tax categories led to the overall net revenue increase in November:
 
Individual Income Tax:  Individual Income Tax collections for November totaled nearly $747.75 million, up from $694.25 million in November 2013, for an increase of $53.5 million, or 7.7 percent.

The following notable components within Individual Income Tax account for the net increase:

•      Individual Income Tax Withholding payments were up $44 million, or 6.2 percent

•      Individual Income Tax refunds issued (net of voided checks) were down $20.5 million, or -39.8 percent

•      All other Individual categories including Return & Estimated payments were down a combined $11 million

Sales and Use Tax:  Gross Sales Tax collections for November increased roughly $46.25 million, or 5.8 percent, compared to FY 2014. In addition, net Sales & Use Tax collections increased $14.5 million, or 3.4 percent, over the previous year, when net Sales Tax totaled nearly $423.5 million. The adjusted distribution of sales tax to local and county governments totaled $399.25 million, which was an increase of $24.75 million compared to last year. Lastly, Sales Tax refunds increased almost $7 million compared to last year, when just $1.5 million in refunds were processed.

Corporate Income Tax:  Corporate Income Tax collections for November increased nearly $1.6 million, or 169.7 percent, compared to last year, when net Corporate Tax revenues totaled approximately $0.925 million.

The following notable components within Corporate Income Tax make up the increase:

•      Corporate Tax refunds issued (net of voided checks) were up $0.25 million, or 0.9 percent

•      Corporate Income Tax Return payments increased $1.55 million, or 16.8 percent

•      All other Corporate Tax categories combined for an increase of $0.275 million compared to FY 14