September revenues totaled $1.72 billion with an increase of 8.3 percent or $132.0 million. Just under half of the month’s category increases came from the increase in title/tag fees.
Individual income taxes came in at $885.5 million for a 7.1 percent increase of $58.4 million.
Sales tax receipts totaled $421.4 million for the state with a negative 8.35 percent, or -$38.2 million total, versus September of 2012. The increase, however, in the title/tag revenues of $74.5 million when added to sales tax receipts they took the place of, leaves a gain in total funds between the two categories of $36.3 million, or 7.5 percent.
Motor fuel taxes totaled $91.2 million for the month, showing a gain of $10.5 million, or 13.1 percent. Both gasoline excise taxes and sales taxes were up by more than 10 percent for the month. Corporate income taxes were up for the month by $29.3 million, or 19.5 percent. Tobacco and alcoholic beverages categories were up, tobacco at 0.4 percent and alcoholic beverages at 31.3 percent.
First quarter numbers are positive
First quarter revenues versus July-September 2012 were up 5.8 percent on total revenues of $4.47 billion. The increase totaled $247.3 million. It is significant to note that the increase in title/tag fees accounts for almost 55 percent of the gainers for the year so far.
Individual income taxes are up for the quarter 4.9 percent, or $109.3 million. Sales taxes net to the state are negative for the first quarter at -7.9 percent, or -$107.3 million. But when combined with the increase in title/tag fees, the effective increase in sales tax/fees to the state is 6.1 percent. Motor fuel taxes are up $18.9 million for the quarter on revenues of $262.4 million.
Corporate income taxes showed a positive gain for the quarter, bringing in $209.0 million with a gain of 7.8 percent, or $18.9 million. Tobacco and alcoholic beverages taxes were positive at 26.7 percent and 7.9 percent for the quarter. Together those revenues only total $101.8 million for the quarter.
Inside the quarterly numbers
Here’s a list of the elements of the revenue report for the first quarter of fiscal year 2014:
Individual income tax
Withholding payments up $73.7 million or 3.5 percent
Tax refunds down $7.75 million or -6.4 percent
Estimated payments up $13.7 million or 9.0 percent
Number of tax refunds decreased 24,429
Gross sales taxes down $107.2 million, or -7.9 percent
Net sales tax to the state down $38.2 million, or -8.3 percent (New car sales now do not include sales taxes due to title/tag fee change.)
Motor fuel taxes
Excise taxes (by gallon) up $4.3 million, or 12.7 percent
Prepaid sales taxes up $6.2 million or 13.5 percent
(Increases due to bi-annual change in sales tax rate up 2.5 percent and payment changes to integrated tax system in September 2012)
All categories of sales taxes up except for car/auto (now tag fee), along with other services and utilities/energy, which were negative. The utilities/energy category may have been negative due to the new exemption from sales tax on energy used in manufacturing.
Corporate income taxes
Tax refunds down $21.7 million or -49.9 percent
Estimated payments up $10.7 million or 6.3 percent
Motor vehicle tag/title fee
Up $195.8 million with fee replacing sales tax
So, revenues are positive for the first quarter of the year. But apparently the title/tag fee is generating a larger proportion of gainers so that overall growth rate is distorted and not as positive as it may first appear. A more realistic guide might be individual income taxes, which grew 4.9 percent.
I may be reached at
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E-mail at Jack.Hill@senate.ga.gov
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