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Tuesday, May 14, 2024

The state of Washington's Q2 2023 individual income tax revenue up 28,033.3% from previous quarter

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Drew Shirk Director of the Department of Revenue at Washington Department of Revenue | Washington Department of Revenue

Drew Shirk Director of the Department of Revenue at Washington Department of Revenue | Washington Department of Revenue

Washington collected $844 million in individual income taxes during the second quarter of 2023, a 28,033.3% increase over the first 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 $3 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, Washington collected $8.6 billion in combined tax revenues in the the second quarter of 2023, a decrease from the $9.6 billion collected in the previous quarter.

Q2 2023 Washington Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$7,522
Individual Income Taxes$844
License Taxes$583
Other Taxes$525
Source: U.S. Census Bureau

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