The state of Georgia's net tax collections for the month of September totaled $1.5 billion, an increase of $80.6 million or 5.6 percent compared to the same period last fiscal year. Through the first quarter of FY2012, net revenue collections totaled $4.1 billion, an increase of $272 million or 7.2 percent compared to last year, Gov. Nathan Deal reported today.
"This is the fifth straight quarter of positive net revenue growth over 3.8 percent," Deal said. "While the continued trend of year-over-year growth for a third consecutive month is certainly a positive sign, we will continue to work tirelessly to promote job growth and maintain a conservative state budget. I am optimistic about the economic outlook for Georgia over the next several months, but there is still much work to be done."
The following changes within the various tax categories led to the overall net revenue increase:
Individual Income Tax collections for September totaled $812 million, up from $792 million in September 2010, for an increase of $20 million or 2.6 percent.
The following notable components within Individual Income Tax account for the increase:
* Individual Income Tax Return payments were up $13 million or 98.7 percent
* Individual Estimated payments were up $9 million or 7.3 percent
* Individual Income Tax refunds issued (net of voided checks) remained essentially unchanged
* All other Individual Income Tax categories combined for a decrease of $2 million
Net Sales and Use Tax collections for September totaled $441 million, up from $412 million in September 2010, for an increase of $29 million or 7.1 percent. The monthly Sales Tax Distribution to local governments totaled $395 million, which was an increase of $18 million or 4.8 percent over last year's distribution.