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Thursday, November 14, 2024

Idaho's combined tax revenues up 16.4% in Q1 compared to same quarter of the previous year

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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 $1.9 billion in income, license, miscellaneous other and sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 16.4% increase over the same quarter of the previous year, when combined tax revenues were $1.7 billion.

The majority of the state's tax revenue was collected through income taxes ($938 million) and sales and gross receipts taxes ($884 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 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.

Q1 Idaho Tax Collections

Type of TaxAmount (millions)
Income Taxes$938
License Taxes$124
Other Taxes$1
Sales and Gross Receipts Taxes$884

Source: U.S. Census Bureau

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