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Thursday, November 7, 2024

Louisiana sees less individual income tax revenue in Q1 2023

Louisiana collected $931 million in individual income taxes during the first quarter of 2023, a 23% decrease from the fourth quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $1.2 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, Louisiana collected $3.5 billion in combined tax revenues in the the first quarter of 2023, a decrease from the $3.7 billion collected in the previous quarter.

Q1 2023 Louisiana Tax Collections
Type of TaxAmount (millions)
Property Taxes$15
Sales and Gross Receipts Taxes$2,168
Individual Income Taxes$931
Corporation Net Income Taxes$135
License Taxes$84
Other Taxes$120
Source: U.S. Census Bureau

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