Minnesota collected $3.2 billion in individual income taxes during the third quarter of 2023, a 1.3% 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 third quarter of 2022, $3.3 billion 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, Minnesota collected $8.5 billion in combined tax revenues in the third quarter of 2023.
| Type of Tax | Amount (in millions of dollars) |
|---|---|
| Property Taxes | $25 |
| Sales and Gross Receipts Taxes | $3,455 |
| License Taxes | $316 |
| Individual Income Taxes | $3,241 |
| Total Income Taxes | $4,548 |
| Other Taxes | $156 |
Source: U.S. Census Bureau
