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Sunday, November 24, 2024

Louisiana's Q2 2023 individual income tax revenue up 54.7% from previous quarter

Louisiana collected $1.4 billion in individual income taxes during the second quarter of 2023, a 54.7% increase over the first 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 $931 million.

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 $4.9 billion in combined tax revenues in the the second quarter of 2023, an increase from the $3.5 billion collected in the previous quarter.

Q2 2023 Louisiana Tax Collections
Type of TaxAmount (millions)
Property Taxes$7
Sales and Gross Receipts Taxes$2,112
Individual Income Taxes$1,440
Corporation Net Income Taxes$784
License Taxes$341
Other Taxes$203
Source: U.S. Census Bureau

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