Quantcast

Old North News

Tuesday, November 5, 2024

North Carolina's income tax revenue down 20.4 percent since Q4 2020

Adobestock 221016184

Adobe Stock

Adobe Stock

North Carolina collected $3.2 billion in individual income taxes during the fourth quarter of 2020, a 20.4 percent decrease from the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

The previous quarter’s income tax revenue was $4 billion.

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 that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, North Carolina collected $8.5 billion in combined tax revenues in the previous quarter.

Q4 North Carolina Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$3,482
Income Taxes$3,269
License Taxes$599
Other Taxes$27
Source: U.S. Census Bureau

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS