Deal: June revenue up 2.6 percent

Deal: June revenue up 2.6 percent

Friday, July 13, 2012

Gov. Nathan Deal reported today that the State of Georgia’s net tax collections for the month of June totaled $1.54 billion, an increase of $39 million, or 2.6 percent, compared to June 2011. For fiscal year 2012, which ended June 30, net revenue collections totaled $16.1 billion, which is an increase of $742 million, or 4.8 percent, compared to the previous fiscal year.

Despite softer than expected revenue collections at the end of the fiscal year, positive year-over-year growth continued for the eighth consecutive quarter; net revenues topped out at $4.3 billion for the fourth quarter compared to $4.1 billion last year.

The following changes within the various tax categories led to the overall net revenue increase in June:

Individual Income Tax: Individual Income Tax collections for June 2012 totaled $780.75 million, down from $782.5 million in June 2011— a decrease of ($1.75 million) or -0.2 percent.

The following notable components within Individual Income Tax account for the decrease:

•      Individual Tax Return payments were up $14 million, or 77.5 percent

•      Individual Income Tax refunds issued (net of voided checks) were down ($9.5 million), or -16.4 percent
•      All other Individual categories including Withholding payments were down a combined ($25.3   million)

Sales and Use Tax: Net Sales and Use Tax collections for June 2012 totaled $429 million, down from $439 million in June 2011— a decrease of nearly ($10 million), or -2.2 percent. The monthly Sales Tax Distribution to local governments totaled $401.5 million, which was an increase of $35 million, or 9.6 percent, compared to last year.

Corporate Income Tax:  Corporate Income Tax collections for June 2012 rose by $43 million, or 38.7 percent, up from $111 million in June 2011 to $154 million in FY2012. 

The following notable components within Corporate Income Tax make up the increase:

•      Corporate Tax refunds issued (net of voided checks) were down ($31.5 million), or -70.5 percent

•      Corporate Tax Return payments were up $10.75 million, or 26.2 percent

•      All other Corporate Tax categories combined for an increase of $0.75 million, or 0.75 percent