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Thursday, November 21, 2024

Connecticut's combined tax revenues down 52.5% from Q2 to Q3 2023

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Mark D. Boughton Commissioner of Revenue at Connecticut Department of Revenue Services | Connecticut Department of Revenue Services

Mark D. Boughton Commissioner of Revenue at Connecticut Department of Revenue Services | Connecticut Department of Revenue Services

Combined tax revenues in Connecticut decreased 52.5% in the third quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Connecticut collected $3.4 billion in taxes during the third quarter of 2023, compared to $7.2 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($1.9 billion) and general sales and gross receipts taxes ($1.3 billion).

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.

Q3 Connecticut Tax Collections
Type of TaxAmount (millions)
Income Taxes$1,886
Sales and Gross Receipts Taxes$1,304
Other Taxes$119
License Taxes$89
Source: U.S. Census Bureau

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