The state of Georgia's net revenue in June rose $87.5 million or 6.2 percent as compared to net revenues in June 2010, Gov. Nathan Deal reported today. The strong finish to FY 2011 punctuates a year of improvement in which all 12 months showed positive growth in monthly net collections relative to FY 2010.
"We saw numbers that were above trend for 12 consecutive months in FY 2011," Deal said. "The upward movement in Georgia's revenue numbers is a clear indication that our state can and will advance as long as we continue the practice of maintaining a fiscally conservative state budget."
The following changes within the various tax categories led to the overall revenue increase:
Individual Income Tax: Individual Income Tax collections for June 2011 reported an increase of $55 million or 7.5 percent, up from $728 million in June 2010 to $783 million in June 2011.
The following notable components within Individual Income Tax make up the overall increase:
* Individual estimated payments are up $14.5 million or 13.5 percent.
* Individual withholding payments are up $12 million or 1.8 percent.
* Individual refunds issued (net of voided checks) are down $(22.5) million or -27.7 percent.
* All other Individual Income Tax categories are up $6 million.
Sales and Use Tax: Sales and Use Tax reported an increase in net collections of $45 million or 11.4 percent, up from $394 million in June 2010 to $439 million in June 2011. Gross collections reported an increase of $46 million or 6.0 percent, up from $763 million in June 2010 to $809 million in June 2011. Net Refunds were up to $2 million or 88 percent when compared to the same month last year. The Local Sales Tax Distribution for June 2011 declined by $(1) million when compared to the sales tax distribution total of $367 million in June 2010.