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Sunday, May 5, 2024

Arizona's individual income tax revenue down 55.4% as of Q1 2023 compared to Q1 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 $571 million in individual income taxes during the first quarter of 2023, a 55.4% 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 first quarter of 2022, $1.3 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 $4.8 billion in combined tax revenues in the first quarter of 2023.

Q1 2023 Arizona Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$274
Sales and Gross Receipts Taxes$3,510
License Taxes$156
Individual Income Taxes$571
Total Income Taxes$844
Other Taxes$10

Source: U.S. Census Bureau

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