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Governor Perdue Announces May Revenue Collections

Thursday, June 3, 2004  Contact: Office of Communications 404-651-7774

 

            ATLANTA, GA - Governor Sonny Perdue announced today that revenue collections for the month of May 2004 (FY04) totaled $1,399,883,000 compared to $1,290,420,000 for May 2003 (FY03), an increase of $109,463,000 or 8.5%. 

            "We continue to see positive signs of economic growth which are reflected in increased revenue for the state," said Governor Sonny Perdue.  "I am cautiously optimistic that trends will hold through the rest of the fiscal year allowing us to meet the revenue estimate."

            The percentage increase year-to-date for FY04 compared to FY03 is 7.7%.  The Department of Revenue will need to collect tax proceeds of $1,236,171,000 this month to meet the revenue estimate for FY04.  In June of 2003, revenue collections were $1,259,966,000.

GEORGIA DEPARTMENT OF REVENUE

Comparative Net Revenue Collections

(unaudited - 000's)

 For the Month Ended

$

%

GENERAL FUND

 May 2003
(FY 2003)

 May 2004
(FY 2004)

Change

Change

Sales Tax - General

497,024

451,505

(45,519)

-9.2%

Motor Fuel - Gal. & Sales

62,396

71,766

9,370

15.0%

Income Tax - Individual

716,898

794,985

78,087

10.9%

Income Tax - Corporate

17,100

24,884

7,784

45.5%

Tobacco Taxes

7,059

20,441

13,382

189.6%

Alcoholic Beverage Taxes

10,811

14,458

3,647

33.7%

Estate Tax

10,373

5,800

(4,573)

-44.1%

Property Tax

1,295

1,361

66

5.1%

Total Taxes

1,322,956

1,385,200

62,244

4.7%

    Other Revenues:

Peace Officer Training

2,201

1,930

(271)

-12.3%

Other Fees and Sales

(34,737)

12,753

47,490

136.7%

    Total Regulatory Fees & Sales

(32,536)

14,683

47,219

145.1%

Sub-Total

1,290,420

1,399,883

109,463

8.5%

Year-to-date

$

%

GENERAL FUND

FY 2003

FY 2004

Change

Change

Sales Tax - General

4,501,348

4,596,728

95,380

2.1%

Motor Fuel Tax - Gals. & Sales

466,185

544,787

78,602

16.9%

Income Tax - Individual

5,657,744

6,030,719

372,975

6.6%

Income Tax - Corporate

394,206

400,078

5,872

1.5%

Tobacco Taxes

83,860

185,302

101,442

121.0%

Alcoholic Beverage Taxes

121,079

131,880

10,801

8.9%

Estate Tax

78,553

52,941

(25,612)

-32.6%

Property Tax

57,289

61,870

4,581

8.0%

Total Taxes

11,360,264

12,004,305

644,041

5.7%

    Other Revenues:

Peace Officer Training

19,830

20,383

553

2.8%

Other Fees and Sales

41,256

76,355

35,099

85.1%

    Total Regulatory Fees & Sales

61,086

96,738

35,652

58.4%

Sub-Total

11,421,350

12,101,043

679,693

6.0%

Income Tax - HB 43 Withholding Acceleration

                                   -  

202,000

202,000

N/A

Net Revenue

11,421,350

12,303,043

881,693

7.7%

1.  FY 2004 comparative report has changed.  Current year totals are reported on the right of prior year.                                 

2. Totals do not include Insurance Premium Tax and Fees and Motor Vehicle License Taxes.                                     

3. Major tax categories are reported.  Other taxes and fees are included in "Other Fees and Sales".                                               

4. Other Fees and Sales include taxes that have been deposited in the bank, but the returns have not been processed. It also includes unclaimed property and children's trust fund.                                                                

5. Prior to March 2004, the 3% 2nd motor fuel tax was reported as Sales Tax - General.  Effective March 2004, the 3% 2nd motor fuel tax is reported as Motor Fuel Tax.  All historical sales tax and motor fuel tax collection information in this press release has been reclassified for comparability purposes.