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Monday, November 4, 2024

Kentucky's miscellaneous tax revenues down 3.5% in 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

Kentucky collected $55 million in miscellaneous tax revenue during the first quarter of 2023, a 3.5% decrease from the previous quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Miscellaneous tax revenue reached $57 million in the previous quarter.

Net sales reflect companies' total revenue stream, minus the costs of discounts, allowances and product returns.

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 2023 Kentucky Tax Collections

Type of TaxAmount (millions)
Property Taxes$180
Sales and Gross Receipts Taxes$1,986
Income Taxes$1,444
License Taxes$230
Miscellaneous Taxes$55

Source: U.S. Census Bureau

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