Minnesota Continues to Collect More Than Expected in Taxes
St. Paul, MN (KROC-AM News) - The State of Minnesota is reporting tax collections for the month of August were nearly 6% higher than predicted.
The Minnesota Office of Management and Budget says overall net general revenues last month totaled just over $1.1 billion. That was $61 million, or 5.8% above the level predicted by the most recent state revenue forecast.
Income tax payments were $23 million higher-than-expected and corporate tax payments exceeded the forecast by $9 million. Fees of other miscellaneous revenue sources came in $29 million above the forecast and accounted for nearly half of the overage. Sales tax collections hit $662 million in August but fell slightly below the projection.
Since the beginning of the fiscal year on July 1, state revenues totaled just under $3 billion, which is $106 million or 3.7% higher than predicted.