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Tuesday, May 14, 2024

Kentucky's combined tax revenues down 7.9% from Q4 to Q1 2023

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Thomas B. Miller Commissioner of Revenue at Kentucky Department of Revenue | Kentucky Department of Revenue

Thomas B. Miller Commissioner of Revenue at Kentucky Department of Revenue | Kentucky Department of Revenue

Combined tax revenues in Kentucky decreased 7.9% in the first quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Kentucky collected $3.9 billion in taxes during the first quarter of 2023, compared to $4.2 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($2 billion) and income taxes ($1.4 billion).

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.

Q1 Kentucky Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,986
Income Taxes$1,444
License Taxes$230
Property Taxes$180
Other Taxes$55
Source: U.S. Census Bureau

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