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Saturday, November 23, 2024

Alaska's combined tax revenues down 30.9% from Q3 to Q4 2022

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Adam Crum, Commissioner of Revenue | Alaska Department of Revenue

Adam Crum, Commissioner of Revenue | Alaska Department of Revenue

Combined tax revenues in Alaska decreased 30.9% in the fourth quarter of 2022 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Alaska collected $903 million in taxes during the fourth quarter of 2022, compared to $1.3 billion in the previous quarter.

The majority of the state’s tax revenue was collected through severance taxes ($657 million) and corporation net income taxes ($145 million).

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.

Q4 Alaska Tax Collections
Type of TaxAmount (millions)
Other Taxes$657
Income Taxes$145
Sales and Gross Receipts Taxes$68
License Taxes$33
Source: U.S. Census Bureau

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