State tax collections up during February

As of Wednesday, March 6, 2013
© Copyright 2013 Albany Herald

ATLANTA — Georgia tax collections for February were up 4 percent from February 2012 and year to date are 5.6 percent above last year, Gov. Nathan Deal announced Wednesday.

Deal said net tax collections for February totaled $796 million, an increase of nearly $31 million compared to February 2012. For the first eight month of the fiscal year, net tax collections are up almost $595 million compared to the first eight months of FY 2012.

In examining major tax categories, Deal’s office found that:

— Individual income tax collections in February totaled $207.5 million, down from $235.75 million in February 2012, a decrease of 12 percent year over year;

— Individual withholding payments were down $46 million, a drop of 5.9 percent;

— Individual income tax refunds were up $2 million (0.4 percent);

— All other income tax categories combined for an increase of $19.75 million;

— Net sales and use tax collections for February totaled $446.25 million, up $34 million (8.3 percent) compared to last year;

— Gross sales tax collections increased $23 million (3 percent) compared to FY 2012;

— Distribution to local governments fell $6.5 million to $348 million and sales tax refunds for the month decreased $4.5 million relative to February 2012;

— Corporate income tax collections for February increased $31 million (92.3 percent) compared to last year’s net collections of $33.5 million;

— Corporate tax refunds were down $21.25 million, a decrease of 40.8 percent;

— Corporate estimated payments were up $7.75 million, 68.1 percent;

— All other tax categories combined for an increase of $2 million.

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