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Tuesday, December 24, 2024

North Carolina's combined tax revenues up 32.6% from Q1 to Q2 2022

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Ronald G. Penny, Commissioner of Revenue | North Carolina Department of Revenue

Ronald G. Penny, Commissioner of Revenue | North Carolina Department of Revenue

Combined tax revenues in North Carolina increased 32.6% in the second quarter of 2022 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, North Carolina collected $12.2 billion in taxes during the second quarter of 2022, compared to $9.2 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($6.8 billion) and general sales and gross receipts taxes ($4.6 billion).

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.

Q2 North Carolina Tax Collections
Type of TaxAmount (millions)
Income Taxes$6,795
Sales and Gross Receipts Taxes$4,553
License Taxes$824
Other Taxes$38
Source: U.S. Census Bureau

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