by Sarah Curry
Director of Fiscal Policy Studies
The U.S. Census Bureau recently released the 2014 Annual Survey of State Government Tax Collections, which shows that tax revenue increased 2.2 percent, from $847.1 billion in fiscal year 2013 to $865.8 billion in 2014, the fourth consecutive increase.
Most of the revenue growth derived from general sales and gross receipts taxes, which grew 4.8 percent. Severance taxes increased 6.0 percent and motor fuel taxes increased 3.4 percent. Overall, 33 states reported an increase in total tax collections over the prior year.
According to the data collected, North Carolina collected $23.4 billion in total taxes. The largest category was Income taxes amounting to $11.8 billion, followed by Sales taxes at $10 billion.
In 2013, total state government tax collections accounted for almost half (49.5 percent) of state government general revenue.
Below is a snapshot of all of NC’s taxes, in thousands