"Though there is still a lot of room for improvement," Deal said, "this upward economic growth pattern alongside several other solid economic indicators proves we are moving in the right direction."
The following changes within the various tax categories contributed to the net revenue increase in March:
Individual Income Tax: Individual Income Tax collections for March 2012 totaled $422 million, up from $388 million in March 2011, for an increase of $34 million or 8.8 percent.
The following notable components within Individual Income Tax account for the increase:
• Individual Income Tax Return payments increased $13.5 million or 46.4 percent
• Individual Income Tax refunds issued (net of voided checks) were down $(30.5) million or -6.1 percent
• Individual Withholding payments were up $10.5 million or 13.0 percent
• Estimated Tax and Assessment payments were down a combined $(20.5) million
Sales and Use Tax: Net Sales and Use Tax collections for March 2012 totaled $428 million, up from $413 million in March 2011, for an increase of $15 million or 3.7 percent. Gross Sales Tax collections were up $19 million over last year and the Sales Tax Distribution to local governments totaled $368 million in March, which was an increase of $1.7 million compared to FY2011.
Corporate Income Tax: Corporate Income Tax collections for March 2012 declined $(8) million, down from $175.5 million in March 2011 to $167.5 million this year.
The following notable components within Corporate Income Tax make up the decrease:
• Corporate Tax refunds issued (net of voided checks) were up $12.5 million or 102.5 percent
• Corporate Income Tax Return payments increased $61 million or 143 percent
• Corporate Estimated Tax and S-Corp Tax payments were down a combined $(56.5) million
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