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Tuesday, January 14, 2025

New Hampshire sees less individual income tax revenue in Q3 2024

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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 2024, a 76.1% decrease from the second quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $109 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 $696 million in combined tax revenues in the third quarter of 2024, a decrease from the $1 billion collected in the previous quarter.

Q3 2024 New Hampshire Tax Collections
Type of TaxAmount (millions)
Property Taxes$11
Sales and Gross Receipts Taxes$241
Individual Income Taxes$26
Corporation Net Income Taxes$241
License Taxes$116
Other Taxes$55
Source: U.S. Census Bureau

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