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Hawkeye Reporter

Sunday, December 22, 2024

Iowa's Q1 2023 individual income tax revenue up 5.2% from previous quarter

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Mary Mosiman Director Department of Revenue at Iowa Department of Revenue | Iowa Department of Revenue

Mary Mosiman Director Department of Revenue at Iowa Department of Revenue | Iowa Department of Revenue

Iowa collected $1.2 billion in individual income taxes during the first quarter of 2023, a 5.2% increase over the fourth quarter of 2022, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $1.1 billion.

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 the state governments.

Overall, Iowa collected $3.2 billion in combined tax revenues in the the first quarter of 2023, an increase from the $3.1 billion collected in the previous quarter.

Q1 2023 Iowa Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$1,538
Individual Income Taxes$1,193
Corporation Net Income Taxes$136
License Taxes$311
Other Taxes$23
Source: U.S. Census Bureau

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