mostlycloudy
Sunday July 5th, 2015 5:30AM

Deal: October revenues up 5.9 percent

By Staff
ATLANTA - Georgia's net tax collections for the month of October totaled $1.46 billion, an increase of approximately $81.75 million or 5.9 percent compared to the month-ended October 2012, according to numbers released by the Governor's office Friday.

Year-to-date, net tax revenue collections totaled $5.94 billion for an increase of nearly $329.25 million or 5.9 percent compared to the same point last year.

Changes within the following major tax categories explain the net tax revenue increase in October:

Individual Income Tax: Individual Income Tax collections for October totaled $767.75 million - up from $757 million in October 2012, for an increase of $10.75 million, or 1.4 percent.

The following notable components within Individual Income Tax account for the net increase:
·Individual Withholding payments were up $6.25 million, or 0.8 percent
·Individual Income Tax refunds issued (net of voided checks) were up $13.25 million, or 13.3 percent
·Individual Return payments were up $18.5 million or 29.9 percent, over last year
·All other Individual categories including Assessment payments were down a combined $0.75 million

Sales and Use Tax: Gross Sales Tax collections declined $25.5 million or -3.1 percent, compared to last year*. Sales & Use Tax collections for October decreased $21.75 million or -5 percent - down from $439.25 million in October 2012 to a total of $417.5 million in FY 2014. Lastly, the adjusted Sales Tax distribution to local governments totaled nearly $372.75 million, which was a decrease of $7.75 million compared to FY 2013.

Corporate Income Tax: Corporate Income Tax collections for October 2013 increased roughly $34.5 million, or 862.1 percent, compared to last year when Corporate Tax revenues and refunds netted to $4 million.

The following notable components within Corporate Income Tax make up the increase:
·Corporate Tax refunds issued (net of voided checks) were down $27.5 million, or -81.5 percent
·Corporate Estimated payments for October increased $7.75 million, or 51.4 percent
·All other Corporate Tax categories including Return payments combined for a decrease of $0.75 million

*Motor Vehicle Tag & Title Fees: Motor Vehicle Fee collections for October 2013 totaled nearly $88.0 million, which was $59.25 million higher than the previous year. The large year-over-year increase is the result of new tax legislation (H.B. 266), which went into effect on March 1, 2013. The new law established a Title ad Valorem Tax to replace the Automobile Sales Tax, which was traditionally assessed on the purchase of a car. As a result, gross Sales Tax collections have been reduced while Motor Vehicle fees have increased by an average of $56.5 million per month since the filing of March returns began in April of FY 2013.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Missing Ga. bank director arrested in Brunswick
A bank director accused of losing millions of investors' dollars before vanishing last year was arrested Tuesday during a traffic stop in a city in south Georgia.
7:00PM ( 1 year ago )
S&P 500 index has its best year since 1997
The stock market closed out a record year with more all-time highs on Tuesday, giving U.S. indexes their biggest annual gains in almost two decades.
6:56PM ( 1 year ago )
Colorado readies for 'Green Wednesday' pot sales
Police were adding extra patrols around pot shops in eight Colorado towns that plan to allow recreational sales to anyone over 21 on Jan. 1.
1:52PM ( 1 year ago )
Business News
Sex offender held in Hall County for failing to register
A 47-year-old man was booked into the Hall County Jail Tuesday, being held without bond for allegedly failing to register as a sex offender, his second such arrest.
6:09PM ( 1 year ago )
Pharmacy robberies may involve same suspect
Oakwood Police Tuesday afternoon released details in a pharmacy robbery they're investigating, similar to one that happened in the Hall County Tuesday morning.
5:46PM ( 1 year ago )
Victim critical following apartment fire
A 41-year-old woman was in critical but stable condition Tuesday after being rescued from an apartment fire in Forsyth County late Monday afternoon.
3:16PM ( 1 year ago )
Local/State News
White County wreck hurts one, shuts down GA 115
A single-vehicle wreck around 2:30 p.m. Saturday shut down or seriously impacted traffic on Georgia Highway 115 at the White/Lumpkin County line for about an hour.
1:21AM ( 4 hours ago )
Obama: Freedom is paid for by men and women of US military
WASHINGTON (AP) — President Barack Obama says U.S. service members make it possible to enjoy the "incredible blessings" in the greatest country on earth.He says "freedom is not free" but is paid for b...
12:45AM ( 4 hours ago )
Demorest Fourth of July Parade a Success
Approximately 2600 people watch the Glorious Fourth of July Parade in Demorest this morning.
5:01PM ( 12 hours ago )
Lobby of new Brenau physical therapy school named for Ralph & Mary Cleveland
In celebration of a major gift to the Brenau University ForeverGold campaign, the lobby of Brenau's physical therapy school at the Brenau Downtown Center was dedicated Friday in memory of Ralph W. Cleveland and in honor of his wife, Mary Cleveland.
By AccessWDUN staff
2:00PM ( 15 hours ago )
Longtime Gainesville-area GBI agent dies
A former GBI agent who was instrumental in the formation of the Appalachian Drug Task Force has died.
By AccessWDUN Staff
1:14PM ( 16 hours ago )