Gov. Nathan Deal today announced that Georgia's net tax collections for March totaled $1.17 billion for an increase of nearly $12.7 million, or 1.1 percent, compared to March 2012. With three quarters completed, net revenue collections totaled $12.3 billion for an increase of $607 million, or 5.2 percent, compared to the same point last year.
"While the state's net revenues for March were not as strong as in recent months, this improvement marks the 11th consecutive quarter of net revenue improvement dating back to 2011," Deal said.
The following sections summarize the net revenue changes within the major tax categories for March:
Individual Income Tax: Individual Income Tax collections for March 2013 totaled $422.6 million -- up from $422.2 million in March 2012 -- for an increase of just $0.4 million, or 0.1 percent compared to last year.
The following notable components within Individual Income Tax account for the slight increase:
· Individual Withholding payments increased $37.1 million, or 4.5 percent
· Individual Income Tax refunds (net of voided checks) were up $55.4 million, or 11.8 percent
· All other Income Tax categories, including Return payments, were up a combined $18.7 million
Sales and Use Tax: Net Sales and Use Tax collections for March totaled $427.4 million, down from $428.3 million compared to last year, for a decrease of $0.9 million, or -0.2 percent. Gross sales tax collections were up $12.8 million, or 1.6 percent, over FY 2012. However, the combination of sales tax refunds, which were up almost $11.7 million compared to last year, and the sales tax distribution to local governments, which was $2 million higher in March 2013, offset the year-over-year improvement in gross collections relative to March 2012.
Corporate Income Tax: Corporate Income Tax collections for March increased nearly $7.5 million, up 4.4 percent compared to last year when net collections totaled $167.5 million for the month.
The following notable components within Corporate Income Tax make up the increase:
· Corporate Income Tax refunds (net of voided checks) were down $13.5 million, or -53.2 percent
· Corporate Estimated tax payments increased $4.5 million, or 6.6 percent
· All other Corporate Tax categories, including Return payments, were down a combined $10.5 million