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Sunday, December 22, 2024

Q3 2023 Tax Revenue: Virginia collects $3.5 billion in sales and gross receipt tax

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Virginia collected $3.5 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, Virginia's combined tax revenues reached $8.9 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 Virginia Tax Collections

Type of TaxAmount (millions)
License Taxes$321
Sales and Gross Receipts Taxes$3,491
Income Taxes$4,877
Other Taxes$171

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