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Thursday, December 5, 2019

Michigan ranks eighth in the U.S. for the most documentary and stock transfer taxes paid in 2018.

Government

By Local Labs News Service | Dec 2, 2019

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In 2018, Michigan collected $340.6 million in documentary and stock transfer taxes, ranking it eighth in the United States, according to the U.S. Census Bureau's Annual Survey of State Government Tax Collections (STC).

The STC survey includes five broad tax categories and up to 25 subcategories. Data is gathered from all 50 state governments and all dependent state-level entities.

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.

Below is a breakdown of how taxes were classified by the bureau and how much was collected.

U.S. documentary and stock transfer taxes by State in 2018
Rank
State
Amount
1
Florida
$2,916,100,000
2
New York
$1,269,623,000
3
Washington
$1,161,436,000
4
Pennsylvania
$625,056,000
5
New Jersey
$513,967,000
6
District of Columbia
$472,444,000
7
Virginia
$386,598,000
8
Michigan
$340,570,000
9
Massachusetts
$308,291,000
10
Tennessee
$251,574,000
11
Maryland
$241,668,000
12
Minnesota
$234,141,000
13
Connecticut
$169,695,000
14
New Hampshire
$154,903,000
15
Delaware
$146,774,000
16
South Carolina
$126,174,000
17
Rhode Island
$115,800,000
18
Nevada
$111,422,000
19
Hawaii
$100,605,000
20
Illinois
$80,309,000
21
North Carolina
$80,223,000
22
Wisconsin
$76,138,000
23
Alabama
$46,014,000
24
Arkansas
$44,892,000
25
Vermont
$38,366,000
26
Maine
$35,242,000
27
Iowa
$22,210,000
28
Oklahoma
$21,112,000
29
Arizona
$18,263,000
30
Nebraska
$17,207,000
31
Missouri
$12,331,000
32
West Virginia
$12,036,000
33
Kentucky
$3,480,000
34
Oregon
$1,772,000
35
South Dakota
$187,000
Source: U.S. Census Bureau

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