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Friday, May 17, 2024

Arizona: Individual income tax revenue down 27.1% as of Q4 2023 compared to Q4 2022

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Rob Woods Director of Department of Revenue at state of Arizona Dpt. of Revenue | State of Arizona Department of Revenue

Rob Woods Director of Department of Revenue at state of Arizona Dpt. of Revenue | State of Arizona Department of Revenue

Arizona collected $1.2 billion in individual income taxes during the fourth quarter of 2023, a 27.1% decrease from the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the fourth quarter of 2022, $1.7 billion was collected in individual income taxes.

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 state governments.

Overall, Arizona collected $5.7 billion in combined tax revenues in the fourth quarter of 2023.

Q4 2023 Arizona Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$263
Sales and Gross Receipts Taxes$3,327
License Taxes$315
Individual Income Taxes$1,210
Total Income Taxes$1,583
Other Taxes$184

Source: U.S. Census Bureau

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