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Tuesday, November 5, 2024

Kentucky’s sales and gross receipts tax revenue up 51% in Q4 compared to same quarter of the previous year

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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 $2.1 billion in sales and gross receipts taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 51% increase over the same quarter the previous year when sales and gross receipts tax revenue was $1.4 billion.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities, and tobacco products.

Individual income taxes are based on net personal income and taxes imposed on 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 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.

Overall, Kentucky collected $4.3 billion in combined tax revenues in Q4.

Q4 Kentucky Tax Collections

Type of TaxAmount (millions)
Income Taxes$1,578
License Taxes$101
Other Taxes$46
Property Taxes$451
Sales and Gross Receipts Taxes$2,067

Source: U.S. Census Bureau

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