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Thursday, November 7, 2024

Delaware sees more individual income tax revenue as of Q1 2023 compared to Q1 2022

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Kathy L. Revel Director Division of Revenue at Delaware Department of Finance | Delaware Department of Finance - Division of Revenue

Kathy L. Revel Director Division of Revenue at Delaware Department of Finance | Delaware Department of Finance - Division of Revenue

Delaware collected $635 million in individual income taxes during the first quarter of 2023, a 1.8% increase over the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the first quarter of 2022, $624 million 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, Delaware collected $1.7 billion in combined tax revenues in the first quarter of 2023.

Q1 2023 Delaware Tax Collections

Type of TaxAmount (in millions of dollars)
Sales and Gross Receipts Taxes$167
License Taxes$797
Individual Income Taxes$635
Total Income Taxes$725
Other Taxes$50

Source: U.S. Census Bureau

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