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Thursday, November 21, 2024

North Carolina's combined tax revenues down 22.4% from Q2 to Q3 2023

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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 decreased 22.4% in the third quarter of 2023 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 $8.9 billion in taxes during the third quarter of 2023, compared to $11.5 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($4.4 billion) and income taxes ($4.1 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.

Q3 North Carolina Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$4,362
Income Taxes$4,075
License Taxes$456
Other Taxes$28
Source: U.S. Census Bureau

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