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Friday, November 15, 2024

Delaware's income tax revenue up 30.6% in Q2 2022

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Delaware collected $815 million in individual income taxes during the second quarter of 2022, a 30.6 percent increase over the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

The previous quarter’s income tax revenue was $624 million.

Individual income taxes are based on net personal income and taxes imposed on 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, Delaware collected $1.7 billion in combined tax revenues in the previous quarter.

Q2 Delaware Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$254
Income Taxes$1,040
License Taxes$902
Other Taxes$77
Source: U.S. Census Bureau

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