Gov. Nathan Deal announced that Georgia’s net tax collections for May totaled $1.39 billion for an increase of nearly $42.25 million, or 3.1 percent, compared to the month-ended May 2013.
Year-to-date, net tax revenue collections totaled $16.1 billion for an increase of nearly $697 million, or 4.5 percent, compared to the same point last year when net tax revenues totaled $15.4 billion through the end of May 2013.
Changes within the following major tax categories explain the net tax revenue increase in May:
Individual income tax: Individual income tax collections in May totaled just over $675 million, up from roughly $654.5 million in April 2013, for an increase of $20.5 million or 3.1 percent.
The following notable components within individual income tax combine to make up the net increase:
• Individual income tax return payments in May were up $5.5 million or 17 percent
• Income tax refunds issued, which totaled $126.25 million, were down $34.25 million or -21.4 percent
• Individual income tax withholding for the month was down $11.5 million or 1.5 percent
• All other individual tax categories including estimated payments and assessments were down $7.75 million
• Sales and use tax: Gross sales tax collections increased nearly $36 million, or 4.5 percent, compared to last May, the second month in which the title ad valorem tax displaced automobile sales tax into motor vehicle fees.
Net sales tax collections increased almost $10.5 million, or 2.5 percent, compared to last year despite large negative year-over-year changes in both the adjusted local distribution, which totaled roughly $389.5 million, and net refunds issued, which increased $12.75 million over the previous fiscal year.
• Corporate income tax: Corporate income tax collections in May decreased approximately $19.25 million, or 72.2 percent, compared to FY 2013 when net corporate tax revenues totaled $26.75 million.