Quantcast

Show-Me State Times

Monday, December 23, 2024

Missouri: Individual income tax revenue down 41.6% as of Q4 2023 compared to Q4 2022

Webp v8juyeie9w65rbudpsan6i30ufga

Wayne Wallingford Director Department of Revenue at Missouri Department of Revenue | Missouri Department of Revenue

Wayne Wallingford Director Department of Revenue at Missouri Department of Revenue | Missouri Department of Revenue

Missouri collected $1.2 billion in individual income taxes during the fourth quarter of 2023, a 41.6% 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 fourth quarter of 2022, $2 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, Missouri collected $4.1 billion in combined tax revenues in the fourth quarter of 2023.

Q4 2023 Missouri Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$11
Sales and Gross Receipts Taxes$1,888
License Taxes$187
Individual Income Taxes$1,166
Total Income Taxes$2,052
Other Taxes$3

Source: U.S. Census Bureau

MORE NEWS