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Thursday, November 21, 2024

North Carolina's Q4 2022 individual income tax revenue up 7.2% from previous quarter

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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

North Carolina collected $3.8 billion in individual income taxes during the fourth quarter of 2022, a 7.2% increase over the third quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $3.6 billion.

Individual income taxes are based on net personal income and taxes imposed on such income as 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 $9.1 billion in combined tax revenues in the the fourth quarter of 2022, an increase from the $8.7 billion collected in the previous quarter.

Q4 2022 North Carolina Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$4,330
Individual Income Taxes$3,822
Corporation Net Income Taxes$180
License Taxes$698
Other Taxes$30
Source: U.S. Census Bureau

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