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Thursday, November 21, 2024

Connecticut’s combined tax revenues down 5% in Q4 compared to same quarter of the previous year

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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

Connecticut collected $5.1 billion in income, license, miscellaneous other and sales and gross receipts taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 5% decrease from the same quarter the previous year when combined tax revenues were $5.4 billion.

The majority of the state’s tax revenue was collected through income taxes ($2.6 billion) and sales and gross receipts taxes ($2.3 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q4 Connecticut Tax Collections

Type of TaxAmount (millions)
Income Taxes$2,611
License Taxes$100
Other Taxes$109
Sales and Gross Receipts Taxes$2,292

Source: U.S. Census Bureau

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