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Tuesday, November 5, 2024

South Carolina's combined tax revenues down 8.5% from Q2 to Q3 2023

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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 8.5% in the third 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 $3.9 billion in taxes during the third quarter of 2023, compared to $4.2 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($2 billion) and general sales and gross receipts taxes ($1.7 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.

Q3 South Carolina Tax Collections
Type of TaxAmount (millions)
Income Taxes$1,955
Sales and Gross Receipts Taxes$1,658
License Taxes$208
Other Taxes$33
Property Taxes$10
Source: U.S. Census Bureau

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