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State revenue up 13% in April

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POSTED: May 10, 2013 11:31 a.m.

Gov. Nathan Deal announced Wednesday that Georgia’s net tax collections for April 2013 totaled $1.73 billion, an increase of $201 million, or 13.2 percent, compared to April 2012.
Year-to-date, net revenue collections totaled $14.1 billion for an increase of $808 million, or 6.1 percent, compared with the same point last year.
The following changes within the various tax categories contributed to the net revenue increase in April:

Individual income tax
Individual income-tax collections for April totaled $1.01 billion, up from $805 million in April 2012, a 26.1 percent increase.
The following notable components within Individual Income Tax account for the increase:
• Individual income-tax
refunds (net of voided checks) were down $6.5 million, or 1.2 percent
• Individual tax return payments were up $282 million, or 88.2 percent, over last year. Due to a reporting change with respect to extension payments, the return-payment category is the primary driver for the dramatic year-over-year increase within individual income tax.
• All other individual tax categories, including estimated payments, were down a combined $78.5 million.

Sales and use tax
Net sales and use tax collections for April totaled nearly $417 million, an overall decrease of $65.5 million, or 13.6 percent, from April 2012. Gross sales-tax collections were down $58.5 million compared with fiscal year 2012 as a result of the recently implemented title ad valorem tax-fee law, which replaced both the point-of-sale sales tax on a vehicle and the annual ad valorem tax known as the “birthday tax,” effective March 1.
Lastly, the combined impact of the monthly distribution to local governments and April refund activity was a decrease of $7.25 million to the month’s net collections.

Corporate income tax
Corporate income-tax collections for April increased nearly $50.5 million, up from a total of $68 million in April 2012 to $118.5 million in the current year.
The following notable components within corporate income tax make up the increase:
• Corporate tax refunds (net of voided checks) were down $40 million compared to last year
• Corporate estimated tax payments were up $27 million, or 44.1 percent, compared to April 2012
• Corporate income tax return and net worth payments were down a combined $16.5 million

 

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