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Wednesday, January 8, 2025

Virginia sees less individual income tax revenue in Q3 2024

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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 $4.3 billion in individual income taxes during the third quarter of 2024, a 23% decrease from the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $5.6 billion.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest, and income from intangibles.

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.

Overall, Virginia collected $9.2 billion in combined tax revenues in the third quarter of 2024, a decrease from the $11.4 billion collected in the previous quarter.

Q3 2024 Virginia Tax Collections
Type of TaxAmount (millions)
Property Taxes$4
Sales and Gross Receipts Taxes$3,675
Individual Income Taxes$4,313
Corporation Net Income Taxes$729
License Taxes$273
Other Taxes$162
Source: U.S. Census Bureau

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