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Sunday, November 24, 2024

Utah collected 25.5% more in corporate net income taxes in 2022

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Of the $13.8 billion in taxes collected by Utah in 2022, $935.5 million came from corporations net income taxes, a 25.5 percent increase over the previous year, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).

Utah collected $745.7 million in corporations net income taxes in 2021.

The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.

The Census Bureau sets the tax classifications among the survey categories and cautions they may differ from the classifications set by the state governments.

Below is a breakdown of how taxes were classified by subcategory and how much was collected.

Utah Tax Collections 2022 vs. 2021
Type of Tax2022 amount2021 amount
Other selective sales and gross receipts taxes$311,222,000$294,584,000
Taxes, NEC$413,000$348,000
Motor vehicle operators license$30,838,000$29,576,000
Selective sales and gross receipts taxes$1,272,219,000$1,174,720,000
Other license taxes$7,421,000$6,960,000
Tobacco products sales tax$109,658,000$106,633,000
Individual income taxes$6,812,367,000$6,672,695,000
General sales and gross receipts taxes$4,280,780,000$3,628,512,000
Motor vehicle license$254,894,000$242,790,000
Public utilities sales tax$61,486,000$54,890,000
Occupation and business license, NEC$60,064,000$59,270,000
Motor fuels sales tax$581,850,000$534,738,000
Hunting and fishing license$33,955,000$32,623,000
Insurance premiums sales tax$189,609,000$165,995,000
Corporations in general license$423,000$465,000
Severance taxes$97,393,000$37,985,000
Corporations net income taxes$935,481,000$745,673,000
Alcoholic beverages sales tax$18,394,000$17,880,000
Source: U.S. Census Bureau

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