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Wednesday, December 25, 2024

Individual income tax revenue down 1.8% from previous quarter in Idaho

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

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

Idaho collected $445 million in individual income taxes during the first quarter of 2023, a 1.8% decrease from the fourth quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $453 million.

Individual income taxes are based on net personal income and taxes imposed on such income as 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 that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, Idaho collected $1.7 billion in combined tax revenues in the the first quarter of 2023, a decrease from the $1.8 billion collected in the previous quarter.

Q1 2023 Idaho Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$868
Individual Income Taxes$445
Corporation Net Income Taxes$229
License Taxes$128
Other Taxes$5
Source: U.S. Census Bureau

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