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Alabama tax revenues up 4.4% in June

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(The Center Square) – Alabama’s June tax revenues increased 4.4% from the same time last year, data from the Alabama Department of Revenue shows.

Tax revenues for the fiscal year ending Oct. 1 are up 2.41%, improving from $12.7 billion to $13 billion.

For the month, the state collected $1.51 billion versus nearly $1.5 billion in June 2023.

According to the data, personal income tax receipts increased both for the month and for the year to date.

The state collected $580.2 million in June, an increase of nearly 3% from June 2023 ($563 million). For fiscal 2024, personal income tax revenues are up nearly 1%, growing from nearly $5.3 billion in fiscal 2023 to $5.35 billion this year.

Corporate income taxes showed some growth, both for June and for the year to date compared to fiscal 2023.

This June, the state took in $270.3 million in corporate income tax, up nearly 33% compared to June 2023, when $203 million was collected.

For the year to date, the state has collected nearly $1.21 billion, up from fiscal 2023 when $1.03 billion had been collected.

Gasoline tax collections increased, both compared to June 2023 and for the year to date.

Receipts from the gas tax totaled $65.3 million, up 4.78% from the same time last year when the state collected $62.3 million. For the year to date, $537.6 million has been collected, up nearly 4% from fiscal 2023 ($517.2 million).

Use tax, which is assessed on all out of state sales, continues to expand its percentage of state revenues. This June, use tax collections added up to $53.9 million, up 10.6% from June 2023 ($48.8 million). For the year to date, $491.5 million has been collected compared to $472.1 million, an increase of 4.11%.

One of the taxes that were down for both the month and for the year to date was the state’s sales tax, which is assessed at the state level at 4% with a local option that can increase it to 10%.

In June 2024, sales tax receipts amounted to $273 million, down 3.85% compared to the same time the previous year ($284 million). For the year to date, revenues are down nearly 4%, shrinking from $2.43 billion in fiscal 2023 to $2.33 billion this fiscal year.

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