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Thursday, November 21, 2024

New Hampshire's individual income tax revenue up 23.8% as of Q3 2023 compared to Q3 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 $26 million in individual income taxes during the third quarter of 2023, a 23.8% increase over the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the third quarter of 2022, $21 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 $825 million in combined tax revenues in the third quarter of 2023.

Q3 2023 New Hampshire Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$11
Sales and Gross Receipts Taxes$353
License Taxes$104
Individual Income Taxes$26
Total Income Taxes$296
Other Taxes$55

Source: U.S. Census Bureau

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