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Granite State Times

Saturday, September 28, 2024

New Hampshire's income tax revenue up 13.6 percent in year since Q1 2020

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New Hampshire collected $25 million in individual income taxes during the first quarter of 2021, a 13.6 percent increase over the same period the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the first quarter of 2020, $22 million was collected.

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 state governments.

Overall, New Hampshire collected $1 billion in combined tax revenues in the first quarter of 2021.

Q1 New Hampshire Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$366
Sales and Gross Receipts Taxes$317
License Taxes$106
Income Taxes$213
Other Taxes$38

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