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Sunday, December 22, 2024

Lower individual income tax revenue in Delaware as of Q2 2023 compared to Q2 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 $744 million in individual income taxes during the second quarter of 2023, an 8.7% 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, $815 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 $2.2 billion in combined tax revenues in the second quarter of 2023.

Q2 2023 Delaware Tax Collections

Type of TaxAmount (in millions of dollars)
Sales and Gross Receipts Taxes$225
License Taxes$960
Individual Income Taxes$744
Total Income Taxes$994
Other Taxes$59

Source: U.S. Census Bureau

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