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Thursday, November 7, 2024

Pennsylvania's Q4 2023 individual income tax revenue down 2.3% from previous quarter

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Patrick M. Browne Secretary of Revenue at Pennsylvania Department of Revenue | Pennsylvania Department of Revenue

Patrick M. Browne Secretary of Revenue at Pennsylvania Department of Revenue | Pennsylvania Department of Revenue

Pennsylvania collected $3.6 billion in individual income taxes during the fourth quarter of 2023, a 2.3% decrease from the third quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $3.7 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, Pennsylvania collected $12.2 billion in combined tax revenues in the fourth quarter of 2023, an increase from the $12.1 billion collected in the previous quarter.

Q4 2023 Pennsylvania Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$6,386
Individual Income Taxes$3,603
Corporation Net Income Taxes$1,054
License Taxes$559
Other Taxes$574
Source: U.S. Census Bureau

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