Another Month of Above Forecast Minnesota Tax Collections
St. Paul, MN (KROC-AM News) - The State of Minnesota’s overall tax collections continued to beat expectations last month.
The latest monthly report from the Minnesota Office of Management and Budget shows the state brought in just under $1.9 billion in October. That’s about $20 million, or 1-percent above the level predicted by the February state revenue forecast. Individual income tax payments were $29 million higher than predicted, general sales tax revenues beat the projection by $32 million and other revenues were $12 million above the forecast, while corporate tax payments came in $54 million under the projected amount.
Since the start of the fiscal year on July 1st, overall state revenues total just over $7 billion. That’s $236 million, or about 3.5-percent, above the revenue forecast.