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Sunday, December 22, 2024

Higher individual income tax revenue in Utah during Q4 2023

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Utah State Tax Commissioner Scott W. Smith | Utah State Tax Commission

Utah State Tax Commissioner Scott W. Smith | Utah State Tax Commission

Utah collected $2.1 billion in individual income taxes during the fourth quarter of 2023, a 61.4% increase over the third 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 $1.3 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, Utah collected $4 billion in combined tax revenues in the fourth quarter of 2023, an increase from the $3.1 billion collected in the previous quarter.

Q4 2023 Utah Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,584
Individual Income Taxes$2,117
Corporation Net Income Taxes$188
License Taxes$85
Other Taxes$31
Source: U.S. Census Bureau

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