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Thursday, November 21, 2024

Individual income tax revenue down 95.1% from previous quarter in the state of Washington

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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 $41 million in individual income taxes during the third quarter of 2023, a 95.1% decrease from the second 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 $844 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 $9.9 billion in combined tax revenues in the the third quarter of 2023, an increase from the $8.6 billion collected in the previous quarter.

Q3 2023 Washington Tax Collections
Type of TaxAmount (millions)
Property Taxes$1,657
Sales and Gross Receipts Taxes$7,248
Individual Income Taxes$41
License Taxes$526
Other Taxes$467
Source: U.S. Census Bureau

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