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Tuesday, November 26, 2024

Montana's combined tax revenues down 44.8% from Q2 to Q3 2022

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Brendan Beatty Director of Montana Department of Revenue | Montana Department of Revenue

Brendan Beatty Director of Montana Department of Revenue | Montana Department of Revenue

Combined tax revenues in Montana decreased 44.8% in the third quarter of 2022 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Montana collected $976 million in taxes during the third quarter of 2022, compared to $1.8 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($586 million) and alcoholic beverages sales tax ($204 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 that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 Montana Tax Collections
Type of TaxAmount (millions)
Income Taxes$586
Sales and Gross Receipts Taxes$204
Other Taxes$88
License Taxes$66
Property Taxes$22
Source: U.S. Census Bureau

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