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Thursday, November 14, 2024

Higher individual income tax revenue in Maine as of Q1 2023 compared to Q1 2022

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Kirsten Figueroa Commissioner of Revenue at Maine Revenue Services | Maine Revenue Service

Kirsten Figueroa Commissioner of Revenue at Maine Revenue Services | Maine Revenue Service

Maine collected $488 million in individual income taxes during the first quarter of 2023, a 1.9% increase over the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the first quarter of 2022, $479 million 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, Maine collected $1.3 billion in combined tax revenues in the first quarter of 2023.

Q1 2023 Maine Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$8
Sales and Gross Receipts Taxes$651
License Taxes$92
Individual Income Taxes$488
Total Income Taxes$540
Other Taxes$12

Source: U.S. Census Bureau

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