Quantcast

Golden State Today

Sunday, December 22, 2024

California's combined tax revenues down 7% from Q4 to Q1 2023

Webp 3wnzklb81tqwtr6ca4paz5qgu1w0

Malia M. Cohen, California Controller | Board of Equalization (State of California Board of Equalization)

Malia M. Cohen, California Controller | Board of Equalization (State of California Board of Equalization)

Combined tax revenues in California decreased 7% in the first quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, California collected $53.4 billion in taxes during the first quarter of 2023, compared to $57.4 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($30.2 billion) and general sales and gross receipts taxes ($18.2 billion).

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.

Q1 California Tax Collections
Type of TaxAmount (millions)
Income Taxes$30,207
Sales and Gross Receipts Taxes$18,178
License Taxes$3,413
Property Taxes$873
Other Taxes$729
Source: U.S. Census Bureau

MORE NEWS