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Friday, November 22, 2024

North Carolina collects $716 million in license tax revenue in Q1

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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 $716 million in license taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

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.

Overall, North Carolina collected $9.6 billion in combined tax revenues in Q1.

Q1 North Carolina Tax Collections

Type of TaxAmount (millions)
Income Taxes$4,564
License Taxes$716
Other Taxes$23
Sales and Gross Receipts Taxes$4,321

Source: U.S. Census Bureau

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