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Thursday, November 21, 2024

Lower individual income tax revenue in New Hampshire as of Q4 2022 compared to Q4 2021

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Lindsey M. Stepp, Commissioner of Revenue | New Hampshire Department of Revenue Administration

Lindsey M. Stepp, Commissioner of Revenue | New Hampshire Department of Revenue Administration

New Hampshire collected $11 million in individual income taxes during the fourth quarter of 2022, a 38.9% decrease from the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the fourth quarter of 2021, $18 million was collected in individual income taxes.

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 $580 million in combined tax revenues in the fourth quarter of 2022.

Q4 2022 New Hampshire Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$10
Sales and Gross Receipts Taxes$217
License Taxes$103
Individual Income Taxes$11
Total Income Taxes$187
Other Taxes$64

Source: U.S. Census Bureau

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