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Alabama’s tax revenues are up slightly over last May

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(The Center Square) — Alabama’s tax revenues, both for May and the year to date, are up more than 2.5% over the same period last year according to data from the state Department of Revenue.

The report for May showed $1.54 billion in tax revenues, up 2.63% from May 2022 ($1.5 billion). Year-to-date collections added up to $11.27 billion, or a 2.68% increase from 2022 ($10.98 billion).

Sales tax revenues dipped slightly in May compared to the same time last year ($267.5 million from $273.6 million, a drop of 2.23%), but are up for the year to date ($2.14 billion compared to $2.05 billion in 2022, an increase of 4.3%).

Corporate income taxes were a big gainer compared to May 2022. Collections are $48.3 million compared to $41.4 million, an increase of 16.65%. For the year to date, the state collected $829.4 million compared to $719.7 million (15.4% gain).

Individual income taxes were up in May compared to the same time last year, as the state collected $882 million compared to $854.9 million last year, an increase of 3.21%.

Income tax collections for the year to date are down 1.63%, going from $4.81 billion in 2022 to $4.73 billion.

Gasoline tax collections for May were largely static compared to the same period last year. This May, the Department of Revenue took in $58.4 million in gas tax revenue compared to nearly $58 million in May 2022, an increase of 0.71%. Gas tax revenue for the year to date totaled $454.9 million, compared to $453.7 million in 2022, a gain of 0.26%.

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