Governor Perdue Announces May Revenue Collections
| Thursday, June 3, 2004 |
Contact: Office of Communications 404-651-7774
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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.
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GEORGIA DEPARTMENT OF REVENUE |
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Comparative Net Revenue Collections |
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(unaudited - 000's) |
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For the Month Ended |
$ |
% |
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|
GENERAL FUND |
May 2003 |
May 2004 |
Change |
Change |
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|
Sales Tax - General |
497,024 |
451,505 |
(45,519) |
-9.2% |
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|
Motor Fuel - Gal. & Sales |
62,396 |
71,766 |
9,370 |
15.0% |
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Income Tax - Individual |
716,898 |
794,985 |
78,087 |
10.9% |
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Income Tax - Corporate |
17,100 |
24,884 |
7,784 |
45.5% |
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Tobacco Taxes |
7,059 |
20,441 |
13,382 |
189.6% |
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Alcoholic Beverage Taxes |
10,811 |
14,458 |
3,647 |
33.7% |
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Estate Tax |
10,373 |
5,800 |
(4,573) |
-44.1% |
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Property Tax |
1,295 |
1,361 |
66 |
5.1% |
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Total Taxes |
1,322,956 |
1,385,200 |
62,244 |
4.7% |
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Other Revenues: |
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|
Peace Officer Training |
2,201 |
1,930 |
(271) |
-12.3% |
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Other Fees and Sales |
(34,737) |
12,753 |
47,490 |
136.7% |
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Total Regulatory Fees & Sales |
(32,536) |
14,683 |
47,219 |
145.1% |
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Sub-Total |
1,290,420 |
1,399,883 |
109,463 |
8.5% |
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Year-to-date |
$ |
% |
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GENERAL FUND |
FY 2003 |
FY 2004 |
Change |
Change |
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|
Sales Tax - General |
4,501,348 |
4,596,728 |
95,380 |
2.1% |
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Motor Fuel Tax - Gals. & Sales |
466,185 |
544,787 |
78,602 |
16.9% |
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Income Tax - Individual |
5,657,744 |
6,030,719 |
372,975 |
6.6% |
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Income Tax - Corporate |
394,206 |
400,078 |
5,872 |
1.5% |
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Tobacco Taxes |
83,860 |
185,302 |
101,442 |
121.0% |
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Alcoholic Beverage Taxes |
121,079 |
131,880 |
10,801 |
8.9% |
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Estate Tax |
78,553 |
52,941 |
(25,612) |
-32.6% |
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Property Tax |
57,289 |
61,870 |
4,581 |
8.0% |
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Total Taxes |
11,360,264 |
12,004,305 |
644,041 |
5.7% |
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Other Revenues: |
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Peace Officer Training |
19,830 |
20,383 |
553 |
2.8% |
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Other Fees and Sales |
41,256 |
76,355 |
35,099 |
85.1% |
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Total Regulatory Fees & Sales |
61,086 |
96,738 |
35,652 |
58.4% |
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Sub-Total |
11,421,350 |
12,101,043 |
679,693 |
6.0% |
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Income Tax - HB 43 Withholding Acceleration |
- |
202,000 |
202,000 |
N/A |
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Net Revenue |
11,421,350 |
12,303,043 |
881,693 |
7.7% |
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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.