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Monday, November 4, 2024

South Carolina’s sales and gross receipts tax revenue up 65.7% in Q4 compared to same quarter of the previous year

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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 $2 billion in sales and gross receipts taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 65.7% increase over the same quarter the previous year when sales and gross receipts tax revenue was $1.2 billion.

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

Individual income taxes are based on net personal income and taxes imposed on dividends, interest, and income from intangibles.

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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, South Carolina collected $4.2 billion in combined tax revenues in Q4.

Q4 South Carolina Tax Collections

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

Source: U.S. Census Bureau

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