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Gem State Wire

Wednesday, October 16, 2024

Idaho's combined tax revenues up 49% from Q1 to Q2 2022

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Jeff McCray, Chairman of Tax Commission | Illinois Department of Revenue

Jeff McCray, Chairman of Tax Commission | Illinois Department of Revenue

Combined tax revenues in Idaho increased 49% in the second 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, Idaho collected $2.6 billion in taxes during the second quarter of 2022, compared to $1.7 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($1.5 billion) and general sales and gross receipts taxes ($969 million).

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.

Q2 Idaho Tax Collections
Type of TaxAmount (millions)
Income Taxes$1,494
Sales and Gross Receipts Taxes$969
License Taxes$125
Other Taxes$1
Source: U.S. Census Bureau

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