Minnesota's combined tax revenues down 16.2% from Q2 to Q3 2023

Paul Marquart Commissioner of Revenue at Minnesota Department of Revenue | Minnesota Department of Revenue

By Minnesota State Wire

Oct 2, 2023

Combined tax revenues in Minnesota decreased 16.2% in the third quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Minnesota collected $8.5 billion in taxes during the third quarter of 2023, compared to $10.1 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($4.5 billion) and general sales and gross receipts taxes ($3.5 billion).

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.

Q3 Minnesota Tax Collections