Quantcast

Palmetto State News

Saturday, November 23, 2024

South Carolina's combined tax revenues down 30.3% from Q4 to Q1 2023

Webp 1qhik4scln50km2bk9lgy6q55y65

W. Hartley Powell, Director of Department of Revenue at South Carolina Department of Revenue | South Carolina Department of Revenue

W. Hartley Powell, Director of Department of Revenue at South Carolina Department of Revenue | South Carolina Department of Revenue

Combined tax revenues in South Carolina decreased 30.3% in the first quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, South Carolina collected $2.9 billion in taxes during the first quarter of 2023, compared to $4.2 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($1.7 billion) and income taxes ($1 billion).

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.

Q1 South Carolina Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,730
Income Taxes$1,006
Other Taxes$109
License Taxes$88
Property Taxes$1
Source: U.S. Census Bureau

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS