Last month’s taxes brought in $1.39 billion, a $42.25 million increase from May 2013. The year-to-date net tax revenue collections came in at $16.1 billion, a $697 million increase over last year.
May’s increase in tax revenue was in spite of law changes in individual income, corporate income and sales and use taxes as well as changes in motor vehicle tag and title fees.
A change in the law this year led to an increase in Motor Vehicle Tag and Title Fees through the new Title ad Valorem Tax, which came into effect March 1, 2013. Over $107 million was collected in tag and title fees, an increase of $21.25 million from last year.
Vehicle tags collections, which replaced the “birthday tax,” also increased from $55 million to $81 million.
A different law change eliminated the sales tax on energy used in manufacturing, created tax exemptions for Georgia agriculture and reinstatement a tax-free weekend for back-to-school shoppers. Despite those reductions, sales and Use Tax collections increased by $36 million.
The legislation that ended the car tax also lowered the income taxes for married couples starting Jan. 1, 2013. But overall, the growing economy resulted in individual Income Tax collections rising $20.5 million higher than collections in April 2013.
Corporate Income Tax collections were $19.25 million lower than last May’s collections.