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Thursday, November 14, 2024

South Carolina's miscellaneous tax revenues up 97% in Q4 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

South Carolina collected $65 million in miscellaneous tax revenue during the fourth quarter of 2023, a 97% increase over the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $33 million in the previous quarter.

Net sales reflect companies' total revenue stream, minus the costs of discounts, allowances and product returns.

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.

Q4 2023 South Carolina Tax Collections

Type of TaxAmount (millions)
Property Taxes$25
Sales and Gross Receipts Taxes$2,037
Income Taxes$1,812
License Taxes$255
Miscellaneous Taxes$65

Source: U.S. Census Bureau

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