Quantcast

Grand Canyon Times

Sunday, December 22, 2024

Arizona's Q4 2023 individual income tax revenue down 29.1% from previous quarter

Webp roqtecu2o36jali5ex7k3hvtg1cf

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 29.1% decrease from the third quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $1.7 billion.

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 the state governments.

Overall, Arizona collected $5.7 billion in combined tax revenues in the fourth quarter of 2023, a decrease from the $6.2 billion collected in the previous quarter.

Q4 2023 Arizona Tax Collections
Type of TaxAmount (millions)
Property Taxes$263
Sales and Gross Receipts Taxes$3,327
Individual Income Taxes$1,210
Corporation Net Income Taxes$373
License Taxes$315
Other Taxes$184
Source: U.S. Census Bureau

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS