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Tuesday, November 26, 2024

Virginia's miscellaneous tax revenues up 31.8% in Q2 2022

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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 $282 million in miscellaneous tax revenue during the second quarter of 2022, a 31.8% increase over the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $214 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.

Q2 2022 Virginia Tax Collections

Type of TaxAmount (millions)
Property Taxes$46
Sales and Gross Receipts Taxes$3,739
Income Taxes$8,145
License Taxes$318
Miscellaneous Taxes$282

Source: U.S. Census Bureau

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