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Friday, November 22, 2024

North Carolina's combined tax revenues up 4.1% from Q3 to Q4 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 4.1% in the fourth 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 $9.1 billion in taxes during the fourth quarter of 2022, compared to $8.7 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($4.3 billion) and income taxes ($4 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.

Q4 North Carolina Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$4,330
Income Taxes$4,002
License Taxes$698
Other Taxes$30
Source: U.S. Census Bureau

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