Of the $15.6 billion in taxes collected by South Carolina in 2023, 2.2%, or $337.8 million, came from insurance premiums sales taxes, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).
The State Government Tax Collections (STC) survey tracks five major tax categories and up to 25 subcategories, gathering data from all 50 state governments and their dependent agencies.
The Census Bureau notes that it defines tax classifications consistently across states, which may differ from how individual states categorize them.
According to the U.S. Census Bureau, state and local governments collect a wide range of taxes to fund public programs and services. These revenues are typically allocated to areas such as transportation, education, and public safety. In 2024, state tax collections alone amounted to nearly $1.5 trillion nationwide, representing a significant part of overall government operations.
Below is a breakdown of how taxes were classified by subcategory and how much was collected.
| Type of Tax | Amount |
|---|---|
| Individual income taxes | $5,782,274,000 |
| General sales and gross receipts taxes | $5,124,195,000 |
| Selective sales and gross receipts taxes | $2,335,160,000 |
| Corporation net income taxes | $1,356,927,000 |
| Motor fuels sales taxes | $1,017,130,000 |
| Other selective sales and gross receipts taxes | $549,247,000 |
| Insurance premiums sales taxes | $337,845,000 |
| Motor vehicle license taxes | $302,979,000 |
| Alcoholic beverages sales taxes | $222,332,000 |
| Documentary and stock transfer taxes | $196,677,000 |
| Occupation and businesses license taxes | $183,135,000 |
| Corporations in general license taxes | $170,146,000 |
| Tobacco products sales taxes | $120,804,000 |
| Amusements sales taxes | $58,264,000 |
| Public utilities sales taxes | $29,538,000 |
| Hunting and fishing license taxes | $24,382,000 |
| Motor vehicle operators license taxes | $22,336,000 |
| Alcoholic beverages license taxes | $16,555,000 |
| Other license taxes | $16,204,000 |
| Public utilities license taxes | $15,097,000 |
| Amusements license taxes | $6,376,000 |
Information in this story was obtained from the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC). The source data can be found here.
