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Saturday, September 21, 2024

Nebraska sees less individual income tax revenue in Q1

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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 $625 million in individual income taxes during the first quarter, a 30.1% decrease from the fourth 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 $894 million.

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, Nebraska collected $2.2 billion in combined tax revenues in the first quarter, a decrease from the $2.5 billion collected in the previous quarter.

Q1 Nebraska Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$911
Individual Income Taxes$625
Corporation Net Income Taxes$568
License Taxes$70
Other Taxes$6
Source: U.S. Census Bureau

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