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Sunday, December 22, 2024

Iowa: Individual income tax revenue down 38.9% as of Q2 2023 compared to Q2 2022

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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 second quarter of 2023, a 38.9% 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 second quarter of 2022, $1.9 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, Iowa collected $3.3 billion in combined tax revenues in the second quarter of 2023.

Q2 2023 Iowa Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$0
Sales and Gross Receipts Taxes$1,471
License Taxes$274
Individual Income Taxes$1,155
Total Income Taxes$1,526
Other Taxes$29

Source: U.S. Census Bureau

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