“This trend of revenue growth for the ninth consecutive quarter alongside several other solid economic indicators proves we are moving in the right direction,” said Deal. “Because there is still a lot of room for improvement, we will maintain a cautiously optimistic economic outlook for the state over the next several months.”
The following changes within the various tax categories led to the overall net revenue increases in September:
Individual Income Tax: Individual Income Tax collections for September totaled $827 million — up from $812 million in September 2011—for an increase of $15 million, or 1.9 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual Withholding payments were up $24 million, or 3.7 percent
• Individual Estimated payments were up $1.25 million, or 0.9 percent
• Individual Income Tax refunds (net of voided checks) were down $3.75 million, or -11 percent
• All other Individual Income Tax categories combined for a decrease of $14 million
Sales and Use Tax: Net Sales and Use Tax collections for September totaled $459.5 million — up from $441 million in September 2011 — for an increase of $18.5 million, or 4.2 percent. The monthly Sales Tax distribution to local governments totaled nearly $389 million, which was a decrease of $6.5 million, or -1.6 percent, compared to last year’s distribution.
Corporate Income Tax: Corporate Income Tax collections for September increased $17 million, or 12.8 percent, from $133 million in September 2011 to $150 million in September of this year.
The following notable components within Corporate Income Tax make up the increase:
• Corporate Tax Estimated payments were up $41.5 million, or 43.4 percent
• Corporate Tax Return and S-Corp payments were down a combined $29.5 million
• All other Corporate Tax categories (including refunds) combined for an increase of $5 million