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Tuesday, December 3, 2024

Connecticut collected $2.6 billion in corporate net income taxes in 2021

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Of the $22.1 billion in taxes collected by Connecticut in 2021, 11.8 percent, or $2.6 billion, came from corporations net income taxes, according to the U.S. Census Bureau’s Annual Survey of State Government Tax Collections (STC).

The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.

The Census Bureau sets the tax classifications among the survey categories and cautions they may differ from the classifications set by the state governments.

Below is a breakdown of how taxes were classified by subcategory and how much was collected.

2021 Connecticut Tax Collections
Type of TaxAmount
Amusements sales tax$222,943,000
Tobacco products sales tax$322,806,000
Corporations in general license$33,456,000
Occupation and business license, NEC$59,187,000
Insurance premiums sales tax$181,373,000
Other selective sales and gross receipts taxes$1,351,016,000
Hunting and fishing license$6,062,000
Other license taxes$4,906,000
Death and gift taxes$285,779,000
General sales and gross receipts taxes$5,252,683,000
Motor fuels sales tax$469,851,000
Motor vehicle license$223,255,000
Documentarty and stock transfer taxes$378,209,000
Selective sales and gross receipts taxes$2,895,587,000
Pari-mutuels sales tax$11,738,000
Alcoholic beverages license$9,091,000
Motor vehicle operators license$51,650,000
Individual income taxes$10,259,183,000
Alcoholic beverages sales tax$79,109,000
Public utilities sales tax$256,751,000
Amusements license$229,000
Corporations net income taxes$2,607,064,000
Taxes, NEC$307,000
Source: U.S. Census Bureau

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