Old North News

North Carolina collected $4 billion in individual income taxes during the third quarter of 2020, a 20.9 percent increase over 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 $3.3 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 $7.3 billion in combined tax revenues in the previous quarter.

Type of Tax	Amount (millions)
Sales and Gross Receipts Taxes	$3,558
Income Taxes	$4,363
License Taxes	$524
Other Taxes	$26

Source: U.S. Census Bureau