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Minnesota State Wire

Saturday, November 23, 2024

Minnesota’s sales and gross receipts tax revenue up 51.4% in Q4 compared to previous quarter

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

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

Minnesota collected $3.4 billion in sales and gross receipts taxes during the fourth quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 51.4% increase over the previous quarter when sales and gross receipts tax revenue was $2.3 billion.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities, and tobacco products.

Individual income taxes are based on net personal income and taxes imposed on 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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, Minnesota collected $8.5 billion in combined tax revenues in Q4.

Q4 Minnesota Tax Collections

Type of TaxAmount (millions)
Income Taxes$4,261
License Taxes$343
Other Taxes$120
Property Taxes$314
Sales and Gross Receipts Taxes$3,415

Source: U.S. Census Bureau

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