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Saturday, November 16, 2024

North Carolina's combined tax revenues down 1.2% in Q2 compared to same quarter of the previous year

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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 $11.4 billion in income, license, miscellaneous other and sales and gross receipts taxes during the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 1.2% decrease from the same quarter of the previous year, when combined tax revenues were $11.5 billion.

The majority of the state's tax revenue was collected through income taxes ($5.6 billion) and sales and gross receipts taxes ($5 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q2 North Carolina Tax Collections

Type of TaxAmount (millions)
Income Taxes$5,566
License Taxes$768
Other Taxes$30
Sales and Gross Receipts Taxes$4,962

Source: U.S. Census Bureau

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