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Saturday, November 23, 2024

New Hampshire: Individual income tax revenue down 3.8% as of Q1 2023 compared to Q1 2022

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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 $25 million in individual income taxes during the first quarter of 2023, a 3.8% 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 first quarter of 2022, $26 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 $1.2 billion in combined tax revenues in the first quarter of 2023.

Q1 2023 New Hampshire Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$265
Sales and Gross Receipts Taxes$426
License Taxes$268
Individual Income Taxes$25
Total Income Taxes$198
Other Taxes$36

Source: U.S. Census Bureau

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