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Saturday, November 23, 2024

Virginia collects $311 million in license tax revenue in Q1

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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 $311 million in license taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, Virginia collected $8.7 billion in combined tax revenues in Q1.

Q1 Virginia Tax Collections

Type of TaxAmount (millions)
Income Taxes$4,725
License Taxes$311
Other Taxes$272
Property Taxes$2
Sales and Gross Receipts Taxes$3,375

Source: U.S. Census Bureau

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