Quantcast

Maryland State Wire

Thursday, November 21, 2024

Maryland's combined tax revenues up 21% from Q4 to Q1 2023

Webp as3hysd6knxeow7v4suh8apnftkr

Brook E. Lierman, Maryland Comptroller | Comptroller of Maryland

Brook E. Lierman, Maryland Comptroller | Comptroller of Maryland

Combined tax revenues in Maryland increased 21% in the first 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, Maryland collected $7.5 billion in taxes during the first quarter of 2023, compared to $6.2 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($3.7 billion) and general sales and gross receipts taxes ($3.4 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.

Q1 Maryland Tax Collections
Type of TaxAmount (millions)
Income Taxes$3,670
Sales and Gross Receipts Taxes$3,366
License Taxes$323
Other Taxes$139
Property Taxes$7
Source: U.S. Census Bureau

MORE NEWS