Old Dominion News

Virginia collected $3.8 billion in individual income taxes during the third quarter of 2020, a 13.8 percent decrease from the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

The previous quarter’s income tax revenue was $4.4 billion.

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 that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, Virginia collected $8.2 billion in combined tax revenues in the previous quarter.

Type of Tax	Amount (millions)
Sales and Gross Receipts Taxes	$2,408
Income Taxes	$4,203
License Taxes	$245
Other Taxes	$240

Source: U.S. Census Bureau