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Tuesday, November 5, 2024

North Carolina ranks 10th in the U.S. for the most insurance premiums sales tax paid in 2020

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In 2020, North Carolina collected $675 million in insurance premiums sales tax, ranking it 10th in the United States, according to the U.S. Census Bureau's Annual Survey of State Government Tax Collections (STC).

The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.

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.

Below is a breakdown of how taxes were classified by the bureau and how much was collected.

U.S. insurance premiums sales tax by State in 2020
RankStateAmount
1California$2,829,718,000
2Texas$2,741,653,000
3New York$1,904,118,000
4Florida$1,225,176,000
5Tennessee$1,048,375,000
6Louisiana$933,593,000
7Pennsylvania$859,583,000
8Washington$691,393,000
9New Jersey$686,682,000
10North Carolina$675,023,000
11Ohio$640,911,000
12Maryland$615,000,000
13Arizona$575,949,000
14Georgia$554,987,000
15Virginia$549,082,000
16Minnesota$530,442,000
17Massachusetts$470,119,000
18Michigan$456,600,000
19Nevada$452,361,000
20Missouri$446,610,000
21Alabama$427,848,000
22Kansas$422,817,000
23Illinois$392,704,000
24Mississippi$359,245,000
25Oklahoma$346,277,000
26Colorado$337,655,000
27Arkansas$285,337,000
28South Carolina$253,175,000
29Indiana$248,491,000
30Wisconsin$240,503,000
31New Mexico$223,338,000
32Connecticut$190,259,000
33Hawaii$186,833,000
34Kentucky$178,083,000
35Utah$150,390,000
36Iowa$143,407,000
37New Hampshire$134,100,000
38West Virginia$128,500,000
39District of Columbia$122,993,000
40Montana$120,822,000
41Delaware$118,599,000
42Rhode Island$117,315,000
43Idaho$112,342,000
44Maine$109,584,000
45South Dakota$88,120,000
46Oregon$76,462,000
47Nebraska$67,044,000
48Alaska$65,597,000
49North Dakota$63,095,000
50Vermont$60,807,000
51Wyoming$29,909,000
Source: U.S. Census Bureau

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