(The Center Square) — Alabama’s tax collections in August were up compared to last year, continuing a four-month streak of increased revenues.
According to data from the Alabama Department of Revenue, total collections for August were up by 3.71%, growing from $1.3 billion in August 2022 to $1.35 billion this August.
For the fiscal year that ends Sept. 30, total collections are up 3.48% compared to the previous fiscal year, improving from $14.57 billion to $15.07 billion.
Collection of sales tax ($270 million) was up by 2.94% in August compared to the same time last year ($263 million). For the year to date, sales tax revenue is up by 4%, improving from $2.86 billion in August 2022 to $2.97 billion this past month.
The state’s use tax, which is assessed on out-of-state sellers, had nearly 3% growth from the year prior. In August, the state took in $47.4 million compared to $46 million the same time last year.
Revenues from the state’s personal income tax were up 3.2% compared to August 2022, with collections increasing from $673 million to $694 million. Those year-to-date collections lag behind the previous year by 3.36%; the state took in $5.33 billion compared to $5.52 billion last year.
Corporate income tax revenues in August grew by nearly 49%, improving from $26.6 million last year to $39.7 million in August. For the year to date, revenues are up nearly 4%, going from $918.3 million to $954 million.
One tax category that has taken a precipitous decline is the state’s 8% privilege tax and 2% production tax. Both were down by more than 60% in August compared with the same time last year, with the privilege tax revenues down 63.4% and the production tax down nearly 66%. For the year to date, the two taxes are down 21.5% and 18.8% respectively.
Gasoline tax revenue was up slightly (3% increase) compared to August 2022. Alabama collected $61 million at the gas pump in August, up from last year’s $59.3 million. So far this year, gas tax revenues have grown slightly (1.06%), increasing from $627.4 million to $620.8 million.
Republished with the permission of The Center Square.
