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Monday, December 23, 2024

Montana: Individual income tax revenue up 23.3% as of Q4 2022 compared to Q4 2021

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Brendan Beatty Director of Montana Department of Revenue | Montana Department of Revenue

Brendan Beatty Director of Montana Department of Revenue | Montana Department of Revenue

Montana collected $519 million in individual income taxes during the fourth quarter of 2022, a 23.3% increase over the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the fourth quarter of 2021, $421 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, Montana collected $1.1 billion in combined tax revenues in the fourth quarter of 2022.

Q4 2022 Montana Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$155
Sales and Gross Receipts Taxes$187
License Taxes$105
Individual Income Taxes$519
Total Income Taxes$596
Other Taxes$70

Source: U.S. Census Bureau

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