Georgia tax revenues up in November

Georgia brought in $49 million more in tax revenues last month than it did in November 2012

Nathan Deal

Nathan Deal

ATLANTA —Georgia’s net tax revenues for November were 3.6 percent higher than for November 2012, Gov. Nathan Deal announced Tuesday.

At $1.39 billion for the month, Georgia brought in nearly $49 million more for the month than it did the previous November, according to state figures.

Year to date, state tax collection by Nov. 30 were 5.4 percent ahead of where they were on Nov. 30, 2012, Deal’s office said. Net state tax revenue was at $7.24 billion, up $378 million for the same period in 2012.

Inside the numbers, individual income tax collections for November were down year to year. Georgia realized $694.25 million last month, down 1 percent from the $701.5 million that came in during November 2012.

In that category, individual withholding payments for November were up $4.75 million, or 0.7 percent, and all other Individual categories, including return payments, were up a combined $10 million. Individual income tax refunds issued were up $22 million, or 75.1 percent.

Meanwhile, gross sales tax collections dropped nearly $17.25 million, or 2.1 percent less than November 2012.. Sales and use tax collections for November decreased $11.75 million, a 2.7 percent decline, and were down from $435 million in FY 2013 to roughly $423.5 million in FY 2014. The adjusted monthly sales tax distribution to local governments totaled $374.5 million, a decrease of $3.85 million compared to FY 2013.

Corporate Income Tax collections for November increased $10.5 million, or 109.8 percent, compared to last year, when corporate tax revenues and refunds netted $9.5 million.

Inside the corporate income tax numbers, corporate tax refunds issued were down roughly $4 million, or 13.5 percent, and corporate income tax payments for the month were up almost $8.5 million, or 956.2 percent. All other corporate tax categories, including estimated payments, combined for a decrease of $2 million.

Motor fuel taxes accounted for an increase of nearly $5.75 million, or 6.8 percent over November 2012, which Deal’s office said was consistent with the biannual rate adjustment at the beginning of the fiscal year. As of July 1, the average prepaid state tax rate for FY 2014 was roughly 4.1 percent higher than the first-half tax rate in FY 2013.