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Wednesday, December 4, 2024

Individual income tax revenue up 240.6% from previous quarter in New Hampshire

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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 $109 million in individual income taxes during the second quarter of 2024, a 240.6% increase over the first quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $32 million.

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 the state governments.

Overall, New Hampshire collected $1 billion in combined tax revenues in the second quarter of 2024, a decrease from the $1.1 billion collected in the previous quarter.

Q2 New Hampshire Tax Collections
Type of TaxAmount (millions)
Property Taxes$20
Sales and Gross Receipts Taxes$208
Individual Income Taxes$109
Corporation Net Income Taxes$477
License Taxes$155
Other Taxes$43
Source: U.S. Census Bureau

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