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Friday, December 27, 2024

Virginia's miscellaneous tax revenues down 17.1% in Q4 2021

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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

Virginia collected $213 million in miscellaneous tax revenue during the fourth quarter of 2021, a 17.1% decrease from the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $257 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 2021 Virginia Tax Collections

Type of TaxAmount (millions)
Property Taxes$4
Sales and Gross Receipts Taxes$3,247
Income Taxes$4,859
License Taxes$228
Miscellaneous Taxes$213

Source: U.S. Census Bureau

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