spot_imgspot_img

Tax revenues increase for the third consecutive month

(The Center Square) — Alabama’s tax revenues continue to outperform last year’s numbers, as the state brought in nearly 10% more revenue than July 2022 to mark three consecutive months with gains.

After a 13.39% reduction in tax revenue than the year before in April, collections have rebounded in May (2.63% gain over the same time last year), June (5.42%) and July (9.97%).

The Alabama Department of Revenue reported slightly more than $1 billion in tax receipts in July, compared to $910.6 million in July 2022.

For the fiscal year that ends on Sept. 30, the state’s tax collections are up 3.46%, improving from $13.26 billion to $13.72 billion.

Corporate income taxes were among the big gainers. Collections added up to 84.7% more in July than the same time last year; the Yellowhammer State collected $67.2 million versus $36.4 million.

Also on the increase in July were individual income tax collections, as the state received $230.8 million in July compared to $203.8 million last year, an improvement of 13.27%.

Use tax, which is assessed on all out-of-state sales such as online retailers, had a gain of 5.43% compared to July 2022 with revenues of $51.5 million versus $48.9 million.

Sales tax revenues were up slightly at 1.49%, going from $275.2 million in July 2022 to $279.3 million this past month.

Gasoline tax revenues were also up in July, improving 3.06% to $60.5 million after tallying collections of $58.7 million in July 2022.

Cigarette taxes were down by 13.21%, shrinking from $13.5 million in July 2022 to $11.7 million this July.

The state’s 2% tax on oil and gas production had a precipitous 60.7% drop in July, going from $1.54 million in July 2022 to slightly more than $608,000 this past month.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_imgspot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Poll: Hovde-Baldwin, Harris-Trump too close to call in Wisconsin

(The Center Square) – Wisconsin’s Senate race between incumbent...

Semi Bird resigns GOP roles saying party is in ‘conflict’ with his Christian values

(The Center Square) – Former Washington state Republican gubernatorial...

Texas DPS: Over 443,000 criminal noncitizens booked in Texas jails

(The Center Square) – Noncitizens, including those in the...

Sports Wagering Council fines unlicensed betting company

(The Center Square) – The Tennessee Sports Wagering Council...

Rape kit tracker coming to Pennsylvania

(The Center Square) – Pennsylvania’s rape kit evidence tracking...

Routh again seeks recusal in attempted Trump assassination case

(The Center Square) – The man prosecutors accuse of...

Hurricanes: Six states request fiscal aid from Congress

(The Center Square) – Citing fall harvest losses at...

Ohio attorney general sues Boeing on behalf of teachers, employees

(The Center Square) – Ohio Attorney General Dave Yost...

More like this
Related

Poll: Hovde-Baldwin, Harris-Trump too close to call in Wisconsin

(The Center Square) – Wisconsin’s Senate race between incumbent...

Semi Bird resigns GOP roles saying party is in ‘conflict’ with his Christian values

(The Center Square) – Former Washington state Republican gubernatorial...

Texas DPS: Over 443,000 criminal noncitizens booked in Texas jails

(The Center Square) – Noncitizens, including those in the...

Sports Wagering Council fines unlicensed betting company

(The Center Square) – The Tennessee Sports Wagering Council...