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Thursday, November 21, 2024

Florida's combined tax revenues down 13.2% from Q2 to Q3 2023

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Jim Zingale, Commissioner of Revenue | Florida Department of Revenue

Jim Zingale, Commissioner of Revenue | Florida Department of Revenue

Combined tax revenues in Florida decreased 13.2% in the third quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Florida collected $14.8 billion in taxes during the third quarter of 2023, 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 ($11.9 billion) and corporation net income taxes ($1.2 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$11,899
Income Taxes$1,212
Other Taxes$1,068
License Taxes$629
Source: U.S. Census Bureau

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