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Monday, December 23, 2024

California: Individual income tax revenue down 18.9% as of Q4 2022 compared to Q4 2021

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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)

California collected $23.9 billion in individual income taxes during the fourth quarter of 2022, an 18.9% 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 2021, $29.5 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, California collected $57.4 billion in combined tax revenues in the fourth quarter of 2022.

Q4 2022 California Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$825
Sales and Gross Receipts Taxes$19,151
License Taxes$3,210
Individual Income Taxes$23,875
Total Income Taxes$33,466
Other Taxes$739

Source: U.S. Census Bureau

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