May 13-- The state of Georgia’s net revenue in April rose $35 million or 2.6 percent as compared to net revenues in April 2010, Gov. Nathan Deal reported today. This marks the 10th consecutive month in FY 2011 that there was an increase in net monthly collections.
“Our consistently strong revenue growth combined with a fiscally conservative budget for 2012 should put state finances on a strong footing in the coming year,” Deal said. “We’re encouraged by the positive trends, but we’ll keep working hard until our job growth is just as strong as our revenue growth.”
The following changes within the various tax categories led to the overall revenue increase:
Individual Income Tax: Individual Income Tax collections for April 2011 reported an increase of $54 million or 8.2 percent, up from $657 million in April 2010 to $711 million in April 2011.
The following notable components within Individual Income Tax make up the overall increase:
· Individual Tax Return payments are up $90 million or 43.8 percent.
· Individual Estimated payments are up $48 million or 23.1 percent
· Individual refunds issued (net of voided checks) are up $120 million or 27.3 percent
· All other Individual Income Tax categories are up $36 million
Sales and Use Tax: Sales and Use Tax reported an increase in net collections of $10 million or 2.2 percent, up from $450 million in April 2010 to $460 million in April 2011. Gross collections reported an increase of $16 million or 1.9 percent, up from $833 million in April 2010 to $849 million in April 2011. Net Refunds increased by $4 million when compared to the same month last year. The Local Sales Tax Distribution for April 2011 increased by $2 million when compared to the sales tax distribution total of $379 million in April 2010.