State Revenues Up 6.7 Percent In July

| August 13, 2013

GA-state-capitolAtlanta, GA- Gov. Nathan Deal today announced that Georgia’s net tax collections for the month of July totaled $1.41 billion for an increase of $88.5 million, or 6.7 percent, compared to the month-ended July 2012. Gross tax revenue deposits for the month totaled $1.85 billion, an increase of $70.5 million or 4 percent compared to last fiscal year.

The following changes within the various tax categories led to the overall net revenue increase in July:

Individual Income Tax: Individual Income Tax collections for July totaled $758.25 million, up from $698 million in July 2012, for an increase of $60.25 million or 8.6 percent.

Sales and Use Tax:  Gross Sales Tax collections declined $43.25 million or -5  percent compared to last year, while net Sales & Use Tax collections for July 2013 dropped $30.25 million or -6.6 percent, down from $460.25 million in July 2012 to a total of $430 million in July FY 2014. Lastly, the monthly Sales Tax distribution to local governments totaled $378.75 million, which was a decrease of $17.5 million or -4.4 percent compared to last year.

Corporate Income Tax:  Corporate Income Tax collections for July 2013 decreased  $4 million or -21.8 percent compared to last year when Corporate tax revenues totaled nearly $18.0 million in July 2012.

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