(The Center Square) – According to the annual report from the Alabama Department of Revenue, tax receipts were up 3.2% in fiscal 2023.
Tax revenue was $16.6 billion for the fiscal year ending Sept. 30, up $16.1 billion from the year prior.
Big gainers included pari-mutuel pool fees (up 58.2%, going from $5.3 million to $8.3 million), hazardous waste fees (up 24.12% and growing from $1.06 million to $1.3 million), Tennessee Valley Authority fees (up 17.4% as fees went from $82.1 million to $96.4 million).
All of the state’s largest sources of revenue grew in fiscal 2023. Sales tax revenues were up by 3.85%, expanding from $3.13 billion to $3.25 billion.
The use tax, collected on all out-of-state sales, was also a winner compared to the year before. Those receipts were up 7.64%, improving from nearly $580 million in fiscal 2022 to $624 million in 2023.
The state’s corporate income tax revenues grew by 7.65%, as the state coffers raked in $1.4 billion compared with $1.3 billion the year prior.
Property tax revenues grew in fiscal 2023 by 11.71%, going from $496 million in fiscal 2022 to $554 million.
The state’s gasoline tax raked in $701 million in fiscal 2023, up 1.34% from the year before, when $692 million was collected.
Personal income tax receipts were up slightly by 0.22%, with the state taking in $6.82 billion compared to $6.8 billion in fiscal 2022.
Last month, revenues were up slightly at 2.2% compared to December 2022, growing from $1.55 billion to $1.58 billion.
Sales tax receipts were down during the Christmas season compared to the year prior, decreasing 1.46% from $266 million in Dec. 2022 to $262 million this past month.
Use tax receipts were up by 3.41%, going from $55 million in Dec. 2022 to $57 million.
