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Friday, November 22, 2024

Lower individual income tax revenue in Missouri during Q4 2022

Missouri collected $2 billion in individual income taxes during the fourth quarter of 2022, a 4.1% 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 $2.1 billion.

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, Missouri collected $4.1 billion in combined tax revenues in the the fourth quarter of 2022, a decrease from the $4.2 billion collected in the previous quarter.

Q4 2022 Missouri Tax Collections
Type of TaxAmount (millions)
Property Taxes$9
Sales and Gross Receipts Taxes$1,724
Individual Income Taxes$1,996
Corporation Net Income Taxes$158
License Taxes$187
Other Taxes$33
Source: U.S. Census Bureau

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