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State revenue up 5.5% in July

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POSTED: August 16, 2014 11:07 a.m.

Georgia’s net tax collections for July totaled nearly $1.49 billion for an increase of $78 million, or 5.5 percent, compared to the month-ended July 2013, according to Gov. Nathan Deal.
Gross tax-revenue deposits for the month totaled $1.95 billion, which was an increase of $101 million, or 5.5 percent, compared to last fiscal year.
Changes within the following major tax categories explain the net revenue increase in July:
 
Individual income tax
Collections for July totaled $769.5 million, up from roughly $758.25 million in July 2013, for an approximate increase of $11.25 million, or 1.5 percent.
The following notable components within individual income tax account for the net increase:
• Individual withholding payments for July were up $30.5 million, or 4 percent
• Individual income-tax refunds issued (net of voided checks) were up $19 million, or 44.5 percent
• Individual non-resident tax payments were down $3.25 million, or minus-35.5 percent
• All other individual tax categories including return and estimated payments were up a combined $3 million

Sales and use tax
Gross sales-tax collections increased $38.5 million, or 4.7 percent, compared to last year, which contributed to an overall net sales-tax increase of $25.5 million, or 5.9 percent, up from $430 million in July 2013.
The monthly adjusted sales-tax distribution to local governments totaled nearly $397.25 million for an increase of $18.5 million, or 4.9 percent, compared to the previous fiscal year. Sales-tax refunds fell roughly $5.5 million.

Corporate income tax
Collections for July increased nearly $12.5 million, or 89.1 percent, compared to last July when corporate-tax revenues totaled $14 million.
The following notable components within corporate income tax account for the increase:
•  Refunds issued (net of voided checks) were down $5.75 million, or minus-57.7 percent
• Corporate estimated payments for July increased $5 million, or 33.7 percent, compared to July 2013
• All other corporate-tax categories including return payments combined for an increase of $1.75 million

Motor vehicle — tag and title fees and TAVT
Motor-vehicle tag-and-title fee collections increased $4.75 million compared to July 2013, while monthly title ad valorem tax (TAVT) collections totaled nearly $67 million, an increase of roughly $8.5 million compared to the previous year.

 

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