Quantcast

Rushmore State News

Friday, November 1, 2024

South Dakota’s sales and gross receipts tax revenue up 22.8% in Q4 compared to previous quarter

Webp p9rpfbbq6wslnc7z2x28aga83h2y

Michael Houdyshell South Dakota Secretary Department of Revenue | South Dakota Department of Revenue

Michael Houdyshell South Dakota Secretary Department of Revenue | South Dakota Department of Revenue

South Dakota collected $571 million 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 22.8% increase over the previous quarter when sales and gross receipts tax revenue was $465 million.

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, South Dakota collected $649 million in combined tax revenues in Q4.

Q4 South Dakota Tax Collections

Type of TaxAmount (millions)
Income Taxes$4
License Taxes$71
Other Taxes$2
Sales and Gross Receipts Taxes$571

Source: U.S. Census Bureau

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS