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Friday, November 15, 2024

Utah's sales and gross receipts tax revenue up 33.2% in Q1 compared to same quarter of the previous year

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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 $1.5 billion in sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 33.2% increase over the same quarter the previous year, when sales and gross receipts tax revenue was $1.2 billion.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities, and tobacco products.

Individual income taxes are based on net personal income and taxes imposed on 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, Utah collected $3.4 billion in combined tax revenues in Q1.

Q1 Utah Tax Collections

Type of TaxAmount (millions)
Income Taxes$1,719
License Taxes$107
Other Taxes$20
Sales and Gross Receipts Taxes$1,535

Source: U.S. Census Bureau

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