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Wednesday, December 18, 2024

Maine: Individual income tax revenue up 2.5% as of Q3 2023 compared to Q3 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 $611 million in individual income taxes during the third quarter of 2023, a 2.5% 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 third quarter of 2022, $596 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 $1.7 billion in combined tax revenues in the third quarter of 2023.

Q3 2023 Maine Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$35
Sales and Gross Receipts Taxes$871
License Taxes$74
Individual Income Taxes$611
Total Income Taxes$715
Other Taxes$18

Source: U.S. Census Bureau

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