“We saw numbers that were above trend for 12 consecutive months in FY 2011,” Deal said. “The upward movement in Georgia’s revenue numbers is a clear indication that our state can and will advance as long as we continue the practice of maintaining a fiscally conservative state budget.”
The following changes within the various tax categories led to the overall revenue increase:
Individual Income Tax: Individual Income Tax collections for June 2011 reported an increase of $55 million or 7.5 percent, up from $728 million in June 2010 to $783 million in June 2011.
The following notable components within Individual Income Tax make up the overall increase:
- Individual estimated payments are up $14.5 million or 13.5 percent.
- Individual withholding payments are up $12 million or 1.8 percent.
- Individual refunds issued (net of voided checks) are down $(22.5) million or -27.7 percent.
- All other Individual Income Tax categories are up $6 million.
Sales and Use Tax: Sales and Use Tax reported an increase in net collections of $45 million or 11.4 percent, up from $394 million in June 2010 to $439 million in June 2011. Gross collections reported an increase of $46 million or 6.0 percent, up from $763 million in June 2010 to $809 million in June 2011. Net Refunds were up to $2 million or 88 percent when compared to the same month last year. The Local Sales Tax Distribution for June 2011 declined by $(1) million when compared to the sales tax distribution total of $367 million in June 2010.