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Saturday, December 21, 2024

Kentucky's license tax revenue up 125.7% in Q1 compared to previous quarter

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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 $228 million in license taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 125.7% increase over the previous quarter, when license tax revenue was $101 million.

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 $4.1 billion in combined tax revenues in Q1.

Q1 Kentucky Tax Collections

Type of TaxAmount (millions)
Income Taxes$1,421
License Taxes$228
Other Taxes$52
Property Taxes$205
Sales and Gross Receipts Taxes$2,137

Source: U.S. Census Bureau

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