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Sunday, November 24, 2024

Nebraska's individual income tax revenue down 9.3% as of Q1 2023 compared to Q1 2022

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Glen A. White Interim Tax Commissioner at Nebraska Department of Revenue | Nebraska Department of Revenue

Glen A. White Interim Tax Commissioner at Nebraska Department of Revenue | Nebraska Department of Revenue

Nebraska collected $605 million in individual income taxes during the first quarter of 2023, a 9.3% 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 first quarter of 2022, $667 million 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, Nebraska collected $1.6 billion in combined tax revenues in the first quarter of 2023.

Q1 2023 Nebraska Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$0
Sales and Gross Receipts Taxes$856
License Taxes$65
Individual Income Taxes$605
Total Income Taxes$716
Other Taxes$7

Source: U.S. Census Bureau

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