ATLANTA — Tax collections for the state rose again in the month of September, according to information released Tuesday by Governor Nathan Deal's office.
Georgia’s net tax collections for September totaled nearly $1.97 billion, an increase of $83.4 million, or 4.6 percent, compared to September 2014. Year-to-date, net tax revenue collections totaled almost $5.13 billion, for an increase of nearly $438.7 million, or 9.4 percent, compared to last year, when net tax revenues totaled $4.69 billion.
House Bill 170, which introduced an array of tax reforms and new tax legislation beginning on July 1, generated transportation revenue of $74.3 million in September. As a result, the total revenue for September 2015 increased 8.7 percent over September 2014.
The Governor's Office issued the following details for September tax collections:
Individual Income Tax:
Individual Income Tax collections for September totaled roughly $1.01 billion, up from a total of nearly $949.9 million in September 2014, for an increase of $62.3 million, or 6.6 percent.
The following notable components within Individual Income Tax combine for the net increase:
• Individual Income Tax Withholding payments were up approximately $48.7 million, or 6.4 percent.
• Income Tax refunds, totaling $46.9 million during the month, were up $15.2 million, or 48.1 percent.
• All other Individual Tax categories, including Estimated and Return payments, were up a combined $28.8 million.
Sales and Use Tax:
Gross Sales Tax collections deposited during the month totaled $865.2 million, which was an increase of $7.8 million, or 0.9 percent, over the previous year. Net Sales Tax revenue decreased $1.5 million, or -0.3 percent, compared to September 2014, when net sales tax totaled $445.6 million. The adjusted distribution of sales tax to local governments totaled $413.8 million, for an increase of $7.5 million, or 1.9 percent, compared to last year. Lastly, sales tax refunds increased by $1.7 million compared to September 2014.
Corporate Income Tax:
Corporate Income Tax collections for September increased by $2.5 million, or 1.4 percent, compared to September 2014, when net Corporate Tax revenues totaled $184.6 million.
The following notable components within Corporate Income Tax make up the net increase:
• Corporate Tax refunds issued (net of voids) were up $3.9 million, or 25.4 percent.
• Corporate Income Tax Return payments were up nearly $4.1 million, or 30.1 percent.
• All other Corporate Tax categories, including Estimated and Net Worth payments, increased $2.3 million.
Motor Vehicle Tag & Title Fees:
Tag and Title Fee collections decreased nearly $1.7 million, or -5.4 percent, compared to September 2014. Title Ad Valorem Tax (TAVT) collections totaled $79.7 million, for an increase of approximately $11.3 million, or 16.4 percent, compared to the previous fiscal year.
http://accesswdun.com/article/2015/10/342216/deal-tax-revenues-up-for-september