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Maryland State Wire

Friday, November 22, 2024

Maryland's combined tax revenues down 28.7% from Q2 to Q3 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 decreased 28.7% 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, Maryland collected $6.5 billion in taxes during the third quarter of 2023, compared to $9.1 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($2.6 billion) and general sales and gross receipts taxes ($2.3 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 Maryland Tax Collections
Type of TaxAmount (millions)
Income Taxes$2,642
Sales and Gross Receipts Taxes$2,328
Property Taxes$1,163
License Taxes$232
Other Taxes$124
Source: U.S. Census Bureau

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