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Maryland State Wire

Thursday, November 14, 2024

Maryland's combined tax revenues up 21.3% from Q1 to Q2 2023

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Brook E. Lierman, Maryland Comptroller | Comptroller of Maryland

Brook E. Lierman, Maryland Comptroller | Comptroller of Maryland

Combined tax revenues in Maryland increased 21.3% in the second 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 $9.1 billion in taxes during the second quarter of 2023, compared to $7.5 billion in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($4.3 billion) and income taxes ($3.9 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.

Q2 Maryland Tax Collections
Type of TaxAmount (millions)
Sales and Gross Receipts Taxes$4,251
Income Taxes$3,941
Property Taxes$325
License Taxes$323
Other Taxes$268
Source: U.S. Census Bureau

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