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Thursday, November 7, 2024

Louisiana sees less individual income tax revenue as of Q4 2023 compared to Q4 2022

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Jay Dardenne, Commissioner of Revenue | Louisiana Department of Revenue

Jay Dardenne, Commissioner of Revenue | Louisiana Department of Revenue

Louisiana collected $1.1 billion in individual income taxes during the fourth quarter of 2023, an 8.8% 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, $1.2 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, Louisiana collected $3.9 billion in combined tax revenues in the fourth quarter of 2023.

Q4 2023 Louisiana Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$15
Sales and Gross Receipts Taxes$2,077
License Taxes$210
Individual Income Taxes$1,103
Total Income Taxes$1,311
Other Taxes$233

Source: U.S. Census Bureau

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