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Wednesday, November 20, 2024

Florida's combined tax revenues up 2.7% in Q2 compared to same quarter of the previous year

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Jim Zingale, Commissioner of Revenue | Florida Department of Revenue

Jim Zingale, Commissioner of Revenue | Florida Department of Revenue

Florida collected $17.5 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 2.7% increase over the same quarter of the previous year, when combined tax revenues were $17.1 billion.

The majority of the state's tax revenue was collected through sales and gross receipts taxes ($13.2 billion) and income taxes ($2.7 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q2 Florida Tax Collections

Type of TaxAmount (millions)
Income Taxes$2,720
License Taxes$444
Other Taxes$1,162
Property Taxes$0
Sales and Gross Receipts Taxes$13,191

Source: U.S. Census Bureau

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