Up, Up and Away! June Revenue up 11.5%!
Governor Deal announced today that Georgia's June revenue is UP 11.5% than last year!
Georgia's net tax collections for June 2014 totaled $1.76 billion with an increase of $182.25 million (11.5%) compared to June of 2013. The net revenue has increased 5.2%, thats an increase of nearly $897.25 million dollars compared to the same time last year - GO GEORGIA!
According to the official press release from the Governors office, changes in the below major tax categoties explain the increase:
Individual Income Tax: Individual Income Tax collections in June totaled $885.25 million, up from nearly $791.5 million in June 2013, for an increase of $93.75 million or 11.9 percent.
The following notable components within Individual Income Tax combine to make up the net increase:
• Individual Income Tax Estimated payments for June were up $8.5 million or 6.6 percent
• Income Tax refunds issued (net of voids) during the month were down $30.25 million or -42.4 percent
• Individual Income Tax Withholding during the month was up $64.5 million or 9.5 percent
• All other Individual Tax categories including Return payments and Assessments were down $9.5 million
Sales and Use Tax: Gross Sales Tax collections increased $47.5 million, or 6 percent, compared to June 2013, the third month in which gross sales tax declined due to the implementation of a Title ad Valorem Tax, which displaced tax revenue to Motor Vehicle Fees (see *Tax Reform note below). June’s net Sales Tax collections increased $34.25 million, or 8.3 percent, compared to FY 2013 despite a large year-over-year change in the distribution to local governments, which increased nearly $23.75 million. Net Refunds fell $10.5 million compared to the previous fiscal year.
Corporate Income Tax: Corporate Income Tax collections for June 2014 increased $44.25 million, or 28.2 percent, compared to FY 2013 when net Corporate Tax revenues totaled $156.75 million.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Tax refunds issued (net of voids) were down roughly $1 million or -8 percent
• Corporate Estimated payments in June were up approximately $43 million or 27.2 percent
• All other Corporate Tax categories, including S-Corp and Return payments, increased $0.25 million
Motor Vehicle Tag & Title Fees: Fee collections totaled nearly $92.5 million, an approximate increase of $5.5 million compared to last June, when TAVT collections totaled $63.5 million versus $66.5 million in June of this year.
*Tax Reform Impacts*: HB 386 and HB 266 had significant impacts on Georgia’s tax structure that influenced current month and year-to-date revenue collections across multiple tax collection categories. The increase in Motor Vehicle Tag & Title Fees is the result of the March 1, 2013 implementation of the Title ad Valorem Tax (TAVT). Sales Tax collections have been impacted by the elimination of the auto sales tax, reduction in the sales tax on energy used in manufacturing, implementation of the Georgia Agricultural Tax Exemption program, and reinstatement of the sales tax holiday. Individual Income Tax has been impacted by the marriage penalty reduction effective Jan. 1, 2013.