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Wednesday, December 4, 2024

Individual income tax revenue up 141.1% from previous quarter in Louisiana

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Jay Dardenne, Commissioner of Revenue | Louisiana Department of Revenue

Jay Dardenne, Commissioner of Revenue | Louisiana Department of Revenue

Louisiana collected $1.5 billion in individual income taxes during the second quarter of 2024, a 141.1% increase over the first quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $637 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 second quarter of 2024, an increase from the $3.2 billion collected in the previous quarter.

Q2 Louisiana Tax Collections
Type of TaxAmount (millions)
Property Taxes$8
Sales and Gross Receipts Taxes$2,209
Individual Income Taxes$1,536
Corporation Net Income Taxes$508
License Taxes$428
Other Taxes$182
Source: U.S. Census Bureau

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