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Governor Perdue Announces January Revenue Figures

Friday, February 4, 2005  Contact: Office of Communications 404-651-7774

 

ATLANTA, GA – Governor Sonny Perdue announced today that net revenue collections for the month of January 2005 (FY05) totaled $1,578,151,000 compared to $1,464,844,000 for January 2004 (FY04). This represents an increase of $113,307,000 (7.7%) over the previous year.

The percentage increase year-to-date for FY05 compared to FY04 is 11.9%. There have been five additional deposit days in FY05 compared to FY04.

GEORGIA DEPARTMENT OF REVENUE

Comparative Net Revenue Collections (unaudited - 000's)

 For the Month Ended

GENERAL FUND

 January 2004
(FY 2004)

 January 2005
(FY 2005)

 $ Change

% Change

Tax Revenues:

Income Tax - Individual

$883,117

$827,108

$(56,009)

-6.3%

Sales and Use Tax - General

$471,166

$551,340

$80,174

17.0%

Motor Fuel Taxes:

   Prepaid Motor Fuel Sales Tax

$19,521

$28,127

$8,606

44.1%

   Motor Fuel Excise Tax

$39,694

$41,703

$2,009

5.1%

   Total Motor Fuel Taxes

$59,215

$69,830

$10,615

17.9%

Income Tax - Corporate

$7,362

$31,999

$24,637

334.7%

Tobacco Taxes

$17,226

$18,881

$1,655

9.6%

Alcohol Beverages Tax

$17,167

$14,066

$(3,101)

-18.1%

Estate Tax

$3,677

$3,287

$(390)

-10.6%

Property Tax

$8,497

$12,281

$3,784

44.5%

    Total Tax Revenues

$1,467,427

$1,528,792

$61,365

4.2%

Other Revenues:

   Other Fees and Sales

$(2,583)

$49,359

$51,942

2010.9%

Total Taxes/Other Revenues

$1,464,844

$1,578,151

$113,307

7.7%

Year-To-Date

 

 

GENERAL FUND

FY 2004

FY 2005

$ Change

% Change

Tax Revenues:

Income Tax - Individual

$4,145,966

$4,483,315

$337,349

8.1%

Sales and Use Tax - General

$2,757,543

$3,045,719

$288,176

10.5%

Motor Fuel Taxes:

   Prepaid Motor Fuel Sales Tax

$136,611

$186,314

$49,703

36.4%

   Motor Fuel Excise Tax

$280,338

$272,450

$(7,888)

-2.8%

   Total Motor Fuel Taxes

$416,949

$458,764

$41,815

10.0%

Income Tax - Corporate

$144,353

$288,421

$144,068

99.8%

Tobacco Taxes

$107,699

$132,629

$24,930

23.1%

Alcohol Beverages Tax

$86,759

$86,219

$(540)

-0.6%

Estate Tax

$29,029

$29,897

$868

3.0%

Property Tax

$47,534

$56,927

$9,393

19.8%

   Total Tax Revenues

$7,735,832

$8,581,891

$846,059

10.9%

Other Revenues:

   Other Fees and Sales

$48,498

$128,102

$79,604

164.1%

Total Taxes/Other Revenues

$7,784,330

$8,709,993

$925,663

11.9%

Notes:

  1. Totals do not include Motor Vehicle License Tax, Insurance Premium Tax, Peace Officers' and Prosecutors Training Fund fees and State Children's Trust fund
  2. Other Fees and Sales include taxes and fees that have been deposited in the bank, but the returns have not been processed. It also includes unclaimed property collections.
  3. 3. FY 2004 December numbers were adjusted in the following manner:

- Income Tax - Individual was increase by $16.8M as a result of allocating the accelerated withholding collections evenly throughout 2004.

- $18M was reclassed from Sales and Use Tax in December 2003 and reported as Prepaid Motor Fuel Sales Tax.

- $84K was excluded from Other Fees and Sales because the Department no longer collects State Childrens' Trust funds.

- $2M in Peace Officer's Training and Prosecutor's Fund collections are excluded as the Department no longer collects these fees.

- For the months of October 2003 and December 2003, $179K and $192K in Other Fees and Sales were reported on the following graph but not on this "Comparative Net Revenue Collections" report.