“Our consistently strong revenue growth combined with a fiscally conservative budget for 2012 should put state finances on a strong footing in the coming year,” Deal said. “We’re encouraged by the positive trends, but we’ll keep working hard until our job growth is just as strong as our revenue growth.”
The following changes within the various tax categories led to the overall revenue increase:
Individual Income Tax: Individual Income Tax collections for April 2011 reported an increase of $54 million or 8.2 percent, up from $657 million in April 2010 to $711 million in April 2011.
The following notable components within Individual Income Tax make up the overall increase:
- Individual Tax Return payments are up $90 million or 43.8 percent.
- Individual Estimated payments are up $48 million or 23.1 percent
- Individual refunds issued (net of voided checks) are up $120 million or 27.3 percent
- All other Individual Income Tax categories are up $36 million