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Sunday, December 22, 2024

Virginia's combined tax revenues down 23% from Q2 to Q3 2023

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Craig M. Burns Tax Commissioner at Virginia Department of Taxation | Virginia Department of Taxation

Craig M. Burns Tax Commissioner at Virginia Department of Taxation | Virginia Department of Taxation

Combined tax revenues in Virginia decreased 23% 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, Virginia collected $8.9 billion in taxes during the third quarter of 2023, compared to $11.5 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($4.9 billion) and general sales and gross receipts taxes ($3.5 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 Virginia Tax Collections
Type of TaxAmount (millions)
Income Taxes$4,877
Sales and Gross Receipts Taxes$3,491
License Taxes$321
Other Taxes$171
Source: U.S. Census Bureau

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