March 8-- Georgia’s net tax collections for February 2012 totaled $765 million, an increase of nearly $50 million or 7 percent compared to February 2011. With eight months of FY2012 now completed, net revenue collections totaled almost $10.6 billion year-to-date, an increase of $471 million or 4.7 percent compared to the same period last year.
“February’s numbers saw positive trends, as we continue to move in the right direction,” Deal said. “With revenues up and unemployment down, Georgians have to like what they’re seeing, even though there’s still much work to do.”
Despite a very busy start to the Income Tax refund season, Georgia’s net tax revenues held strong. Gross tax revenues, totaling $1.75 billion, were up $151 million compared to last year. Additionally, the Sales Tax revenue continued to see steady growth and Individual Income Tax withholding also showed strength for the month.
The following changes within the various tax categories contributed to the net revenue increase in February:
Individual Income Tax: Individual Income Tax collections for February 2012 totaled $235.75 million, up from $184.5 million in February 2011, for an increase of $51.25 million or 27.8 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual Income Tax refunds issued (net of voided checks) were up $37 million or 6.9 percent
• Individual Withholding payments were up $97 million or 14.4 percent over last year
• Individual Tax Return payments were up $13 million compared to last February
• All other Individual Income Tax categories, including Estimated Tax payments were down a combined total of $(21.75) million compared to last year
Sales and Use Tax: Net Sales and Use Tax collections for February 2012 totaled $412 million, up from $374.5 million in February 2011, for an overall increase of $37.5 million or 10 percent. Gross Sales Tax collections were up $51.25 million over the previous year with a total of $777 million for the month. The monthly Sales Tax Distribution to local governments totaled $354.5 million, an increase of $9.25 million or 2.7 percent.
Corporate Income Tax: A number of large Corporate Income Tax refunds resulted in very low net Corporate Tax revenue as February 2012 declined $(47) million or -346 percent, down from $13.75 million in February 2011.
The following notable components within Corporate Income Tax make up the decrease:
• Corporate Tax refunds issued (net of voided checks) were up $46 million over last year
• Corporate Estimated payments were down $(2.5) million or -18.5 percent compared to last February