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Minnesota State Wire

Saturday, November 23, 2024

Minnesota's miscellaneous tax revenues down 15.3 percent in Q4 2020

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Minnesota collected $144 million in miscellaneous tax revenue during the fourth quarter of 2020, a 15.3 percent decrease from the previous quarter when $170 million was reported, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Net sales reflect companies’ total revenue stream, minus the costs of discounts, allowances and product returns.

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 Minnesota Tax Collections
Type of TaxAmount (millions)
Property Taxes$350
Sales and Gross Receipts Taxes$2,901
Income Taxes$3,318
License Taxes$362
Other Taxes$144
Source: U.S. Census Bureau

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