Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
USA NewsWorld News

Alabama tax revenue continues upward trend | Alabama

[ad_1]

(The Center Square) — Alabama’s tax revenues in August increased compared to last year, continuing a four-month streak of increasing revenues.

According to data from the Alabama Department of Revenue, total collections for the month of August increased by 3.71%, from $1.3 billion in August 2022 to $1.35 billion in August last.

For the fiscal year ending September 30, total collections increased 3.48% from the previous fiscal year, from $14.57 billion to $15.07 billion.

Sales tax collections ($270 million) increased 2.94% in August compared to the same period last year ($263 million). Year to date, sales tax revenue has increased 4%, from $2.86 billion in August 2022 to $2.97 billion last month.

The state’s use tax, which is imposed on out-of-state sellers, saw growth of nearly 3% from the previous year. In August, the state collected $47.4 million, compared to $46 million in the same period last year.

State personal income tax revenue increased 3.2% from August 2022, with revenue increasing from $673 million to $694 million. These cumulative collections are 3.36% behind the previous year; the state took in $5.33 billion, compared to $5.52 billion last year.

Corporate income tax revenue increased nearly 49% in August, from $26.6 million last year to $39.7 million in August. Year-to-date, revenue has increased nearly 4%, from $918.3 million to $954 million.

One category of taxes that has seen a precipitous decline is the state’s 8 percent lien tax and 2 percent production tax. Both were down more than 60% in August compared to the same period last year, with privileged tax revenue down 63.4% and the production tax down nearly 66%. Since the start of the year, the two taxes have fallen by 21.5% and 18.8% respectively.

Gas tax revenue increased slightly (3% increase) compared to August 2022. Alabama collected $61 million at the gas pump in August, compared to $59.3 million from the ‘last year. Year to date, gas tax revenues increased slightly (1.06%), from $627.4 million to $620.8 million.

[ad_2]

thecentersquare

Back to top button