Is it a blip or a rough patch? At least the revenue numbers were an increase, even if only at roughly the rate of inflation. From the Governor’s office:
Gov. Nathan Deal today announced that Georgia’s net tax collections for the month of May totaled $1.24 billion, an increase of $26 million or 2.1 percent compared to month-ended May 2011. Through 11 months of FY2012, total net revenue collections have eclipsed $14.5 billion year-to-date, which is an increase of $703 million or 5.1 percent compared to the last fiscal year.
“With only one exception, we’ve had positive year-over-year growth for more than 20 months,” said Deal. “Although these numbers are not as strong as April’s, they continue to maintain a steady pattern of growth.”
The following changes within the various tax categories led to the overall net revenue increase in May:
Individual Income Tax: Individual Income Tax collections for May 2012 totaled $617 million, down from $619.25 million in May 2011, for a decrease of $(2.25) million or -0.4 percent. The following notable components within Individual Income Tax account for the decrease:
• Individual Withholding payments were up $42.5 million or 6.2 percent
• Individual Income Tax refunds issued (net of voided checks) were up $38.5 million or 28.5 percent
• All other Individual Tax categories including Return payments were down $(6.25) million or -8.3 percent
Sales and Use Tax: Net Sales and Use Tax collections for May 2012 totaled nearly $449 million, up from $432 million in May 2011, for an increase of $17 million or 3.9 percent. The monthly Sales Tax Distribution to local governments totaled $360.5 million, which was a decrease of almost $(8) million or -2.1 percent over last year.
Corporate Income Tax: Corporate Income Tax collections for May 2012 rose by $3.75 million or 85.4 percent, up from $4.25 million in May 2011. The following notable components within Corporate Income Tax make up the increase:
• Corporate Tax refunds issued (net of voided checks) were down $(4) million or -17.0 percent
• Corporate Estimated Tax payments were up $3.25 million or 15.4 percent
• All other Corporate Tax categories combined for a decrease of $(3.5) million or -50.5 percent