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Monday, November 25, 2024

Florida's combined tax revenues down 12.6% from Q2 to Q3 2022

Combined tax revenues in Florida decreased 12.6% in the third quarter of 2022 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Florida collected $14.9 billion in taxes during the third quarter of 2022, compared to $17.1 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($11.8 billion) and documentary and stock transfer taxes ($1.3 billion).

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 that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 Florida Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$11,848
Other Taxes$1,343
Income Taxes$1,122
License Taxes$627
Source: U.S. Census Bureau

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