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Saturday, November 23, 2024

California sees less individual income tax revenue as of Q3 2023 compared to Q3 2022

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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 billion in individual income taxes during the third quarter of 2023, an 8.1% 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 third quarter of 2022, $25 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 $49.5 billion in combined tax revenues in the third quarter of 2023.

Q3 2023 California Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$884
Sales and Gross Receipts Taxes$18,227
License Taxes$3,650
Individual Income Taxes$22,967
Total Income Taxes$26,659
Other Taxes$25

Source: U.S. Census Bureau

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