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Sunday, May 12, 2024

New York state sees less individual income tax revenue as of Q2 2023 compared to Q2 2022

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Amanda Hiller Acting Tax Commissioner at New York State Department of Taxation and Finance | New York State Department of Taxation and Finance

Amanda Hiller Acting Tax Commissioner at New York State Department of Taxation and Finance | New York State Department of Taxation and Finance

New York collected $17.3 billion in individual income taxes during the second quarter of 2023, a 29.5% 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 second quarter of 2022, $24.6 billion 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 York collected $31.4 billion in combined tax revenues in the second quarter of 2023.

Q2 2023 New York Tax Collections

Type of TaxAmount (in millions of dollars)
Sales and Gross Receipts Taxes$8,360
License Taxes$163
Individual Income Taxes$17,306
Total Income Taxes$20,183
Other Taxes$2,506

Source: U.S. Census Bureau

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