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Friday, November 15, 2024

Individual income tax revenue down 22.2% from previous quarter in North Dakota

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Brian Kroshus Tax Commissioner | North Dakota Office of State Tax Commissioner

Brian Kroshus Tax Commissioner | North Dakota Office of State Tax Commissioner

North Dakota collected $98 million in individual income taxes during the fourth quarter of 2022, a 22.2% decrease from the third quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $126 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, North Dakota collected $1.6 billion in combined tax revenues in the the fourth quarter of 2022, a decrease from the $1.9 billion collected in the previous quarter.

Q4 2022 North Dakota Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$534
Individual Income Taxes$98
Corporation Net Income Taxes$37
License Taxes$59
Other Taxes$821
Source: U.S. Census Bureau

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