In the first month of the 2012 fiscal year, Georgia’s net tax collections totaled $1.2 billion, an increase of $84 million or 7.3 percent compared to July 2010, Gov. Nathan Deal reported.
"The first month of this fiscal year has continued the trend of year-on-year comparison growth," said Deal. "I am encouraged by the results but will watch Georgia’s revenue numbers closely to ensure we maintain a conservative state budget.
"There’s much uncertainty in the market at the moment, and I’m committed to preparing our state government for whatever the global economy throws our way."
Individual income tax:
Individual tax return payments are down $3.5 million or 34.1 percent.
Individual withholding payments are up $29 million or 4.6 percent
Individual refunds issued (net of voided checks) are down $91 million or 71.6 percent
All other individual income tax categories combined for an increase of nearly $4 million
Sales and use tax collections reported a net decrease of $5 million or 1.1 percent over the same period last fiscal year.
Gross collections reported an increase of $38 million or 4.6 percent.Individual income tax collections for July 2012 totaled $656.5 million, up from $536 million in July 2011 for an increase on $120.5 million or 22.5 percent.
The following components within individual income tax make up the overall increase: