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Friday, November 22, 2024

Tax revenue analysis: South Carolina collects $1.7 billion million in sales and gross receipt in Q1

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South Carolina collected $1.7 billion in sales and gross receipt taxes during the first quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities and tobacco products.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, South Carolina collected $2.9 billion in combined tax revenues in the latest quarter.

1st Quarter South Carolina Tax Collections

Type of TaxAmount (in millions)
Property Taxes$1
Sales and Gross Receipts Taxes$1,730
Income Taxes$1,006
License Taxes$88
Other Taxes$109

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