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Monday, December 23, 2024

Tax Revenue Analysis: South Carolina collects $1.7 billion in sales and gross receipt tax during Q3 2023

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

Overall, South Carolina's combined tax revenues reached $3.9 billion during the year, as of third quarter of 2023.

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.

Q3 2023 South Carolina Tax Collections

Type of TaxAmount (millions)
License Taxes$208
Sales and Gross Receipts Taxes$1,658
Property Taxes$10
Income Taxes$1,955
Other Taxes$33

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