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Saturday, November 16, 2024

Idaho’s sales and gross receipts tax revenue up 17.8 percent in Q3 since the same quarter of the previous year

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Idaho collected $922 million in sales and gross receipts taxes during the third quarter of 2021, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 17.8 percent increase over the same quarter of the previous year when sales and gross receipts tax revenue was $783 million.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities, and tobacco products.

Individual income taxes are based on net personal income and taxes imposed on dividends, interest, and income from intangibles.

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.

Overall, Idaho collected $1.6 billion in combined tax revenues during the third quarter of 2021.

Q3 Idaho Tax Collections

Type of TaxAmount (in millions of dollars)
Sales and Gross Receipts Taxes$922
Income Taxes$597
License Taxes$106
Other Taxes$2

Source: U.S. Census Bureau

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