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Minnesota State Wire

Tuesday, May 7, 2024

Lower individual income tax revenue in Minnesota during Q3 2023

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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 $3.2 billion in individual income taxes during the third quarter of 2023, a 26.7% decrease from the second quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $4.4 billion.

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 the state governments.

Overall, Minnesota collected $8.5 billion in combined tax revenues in the the third quarter of 2023, a decrease from the $10.1 billion collected in the previous quarter.

Q3 2023 Minnesota Tax Collections
Type of TaxAmount (millions)
Property Taxes$25
Sales and Gross Receipts Taxes$3,455
Individual Income Taxes$3,241
Corporation Net Income Taxes$1,307
License Taxes$316
Other Taxes$156
Source: U.S. Census Bureau

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