Augusta, GA (WJBF) – We now know how much money the city will have to pay back in improperly collected sales taxes.
We told you, earlier this year, that Honeywell was overcharged sales tax on airplane parts for three years, and is due a refund from Augusta-Richmond County.
Now, we know how much that has cost the city.
The director of the Augusta Finance Department says, in February, the Georgia Department of Revenue withheld more than more than $5 million in various sales tax collections from the city. Of that money, more than $1.8 million comes from the city’s General Fund, called the Local Option Sales Tax (LOST); $360,000 comes from the Urban Services Department, $2.3 million will come from the next SPLOST, and more than $500,000 will come from the Transportation Special Purpose Local Option Sales Tax (T-SPLOST).
City officials day despite the refund the loss of the sales tax should have not significant impact on the 2016 budget or sales tax projects.