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Sunday, November 24, 2024

New Hampshire's income tax revenue down 15.1% in year since Q2 2021

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New Hampshire collected $90 million in individual income taxes during the second quarter of 2022, a 15.1% decrease from the same period the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the second quarter of 2021, $106 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 $776 million in combined tax revenues in the second quarter of 2022.

Q2 New Hampshire Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$19
Sales and Gross Receipts Taxes$186
License Taxes$142
Income Taxes$376
Other Taxes$54

Source: U.S. Census Bureau

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