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Tuesday, December 24, 2024

Kentucky’s combined tax revenues up 24.5 percent in Q2 since the same quarter of the previous year

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Kentucky collected $4.2 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the second quarter of 2021, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 24.5 percent increase over the same quarter the previous year when combined tax revenues were $3.4 billion.

The majority of the state’s tax revenue was collected through income taxes ($2 billion) and sales and gross receipts taxes ($1.9 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 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.

Q2 Kentucky Tax Collections

Type of TaxAmount (in millions of dollars)
Income Taxes$2,029
License Taxes$130
Other Taxes$44
Property Taxes$79
Sales and Gross Receipts Taxes$1,895

Source: U.S. Census Bureau

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