December 9-- The State of Georgia’s net tax collections for the month of November totaled $1.35 billion, an increase of $88 million or 7 percent compared to November 2010. Through five months of FY2012, net revenue collections totaled $6.7 billion year-to-date, an increase of $427.5 million or 6.8 percent compared to YTD November FY2011.
The following changes within the various tax categories led to the overall net revenue increase in November:
Individual Income Tax: Individual Income Tax collections for November totaled $679 million, up from $662 million in November 2010, for an increase of $17 million or 2.6 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual Income Tax Return payments increased $3.5 million or 32.2 percent
• Individual Income Tax refunds issued (net of voided checks) were down $(26.5) million or -44.7 percent
• Individual Withholding payments were down $(2) million or -0.2 percent
• Individual Tax Assessments were also down $(11) million or -88.1 percent
Sales and Use Tax: Net Sales and Use Tax collections for November totaled $451 million, up from $393 million in November 2010, for an increase of $58 million or 14.8 percent. The monthly Sales Tax Distribution to local governments totaled $346.5 million, which was an increase of $8.5 million or 2.5 percent over last year.
Corporate Income Tax: Corporate Income Tax collections for November rose by $4.1 million or 65 percent, up from $6.4 million in November 2010.
The following notable components within Corporate Income Tax make up the increase:
• Corporate Tax refunds issued (net of voided checks) were down $(12.7) million or -74.0 percent
• Corporate Estimated Tax payments were down $(4) million or -27.5 percent
• All other Corporate Tax categories combined for a decrease of $(4.6) million or -51.1 percent