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State tax revenues up in July

ATLANTA — Gov. Nathan Deal announced Monday that, compared to the same month last year, tax revenues were up nearly 7 percent in July.

The governor’s office said Monday that Georgia’s net tax collections in July totaled $1.41 billion — representing an increase of $88.5 million, or 6.7 percent, over July 2012 revenues. Gross tax revenue deposits for the month totaled $1.85 billion, an increase of $70.5 million, or 4 percent, compared to the last fiscal year.

The majority of the spike stemmed from individual income taxes and motor vehicle tag and title fees.The latter saw collections of $83.5 million in July, marking a $62.25-million year-over-year increase. Officials said the spike was the product of the tax legislation, effective March 1, that established a new title ad valorem tax to replace automobile sales tax.

Individual withholding payments on income tax were up 7.8 percent from last year, while income tax refunds were down less than 2 percent, officials said.

Gross sales tax collections and corporate income tax collections decreased 5 and 22 percent, respectively, compared to last July.

Comments

kevin 8 months ago

Wow. A big increase in spending (and taxes) with fewer employees!

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