Gov. Nathan Deal (AP Photo/Journal & Constitution, John Spink)
“This trend of revenue growth for the ninth consecutive quarter alongside several other solid economic indicators proves we are moving in the right direction,” said Deal. “Because there is still a lot of room for improvement, we will maintain a cautiously optimistic economic outlook for the state over the next several months.”
The following changes within the various tax categories led to the overall net revenue increases in September:
Individual Income Tax: Individual Income Tax collections for September totaled $827 million — up from $812 million in September 2011—for an increase of $15 million, or 1.9 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual Withholding payments were up $24 million, or 3.7 percent
• Individual Estimated payments were up $1.25 million, or 0.9 percent
• Individual Income Tax refunds (net of voided checks) were down $3.75 million, or -11 percent
• All other Individual Income Tax categories combined for a decrease of $14 million
Sales and Use Tax: Net Sales and Use Tax collections for September totaled $459.5 million — up from $441 million in September 2011 — for an increase of $18.5 million, or 4.2 percent. The monthly Sales Tax distribution to local governments totaled nearly $389 million, which was a decrease of $6.5 million, or -1.6 percent, compared to last year’s distribution.
Corporate Income Tax: Corporate Income Tax collections for September increased $17 million, or 12.8 percent, from $133 million in September 2011 to $150 million in September of this year.
The following notable components within Corporate Income Tax make up the increase:
• Corporate Tax Estimated payments were up $41.5 million, or 43.4 percent
• Corporate Tax Return and S-Corp payments were down a combined $29.5 million
• All other Corporate Tax categories (including refunds) combined for an increase of $5 million
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