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Thursday, November 21, 2024

South Dakota's combined tax revenues up 3.2% in Q1 compared to same quarter of the previous year

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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 $650 million in income, license, miscellaneous other and sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 3.2% increase over the same quarter of the previous year, when combined tax revenues were $630 million.

The majority of the state's tax revenue was collected through sales and gross receipts taxes ($544 million) and license taxes ($88 million).

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.

Q1 South Dakota Tax Collections

Type of TaxAmount (millions)
Income Taxes$15
License Taxes$88
Other Taxes$4
Sales and Gross Receipts Taxes$544

Source: U.S. Census Bureau

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