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Wednesday, December 4, 2024

Q4 2023 Tax Revenue: North Carolina collects $4.5 billion in sales and gross receipt tax

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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 $4.5 billion in sales and gross receipt taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

Overall, North Carolina's combined tax revenues reached $9.1 billion during the year, as of fourth quarter of 2023.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities and tobacco products.

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 2023 North Carolina Tax Collections

Type of TaxAmount (millions)
License Taxes$568
Sales and Gross Receipts Taxes$4,489
Income Taxes$4,019
Other Taxes$26

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