Minnesota April Tax Collections $134 Million Above Forecast
St. Paul, MN (KROC-AM News) - Minnesota tax collections beat expectations again in April.
A monthly update from the Minnesota Office of Management and Budget shows overall net general fund revenues for the state government were just under $3.7 billion in April. The total was $134 million, or 3.8%, above the level predicted by the updated state revenue forecast issued in March.
Since the beginning of the fiscal year last July, state revenues now exceed the updated forecast by $306 million, or 1.2%. The state's overall net general fund revenues for the fiscal year now total $25 billion.
For April, individual income tax payments came in $51 million higher than expected at just under $2.4 billion. The state received $449 million in corporate tax payments, which was $186 million above the forecast.
State revenues from general sales tax payments were lower than anticipated at $607 million. That was $48 million below the production. Miscellaneous revenues from fees and other sources totaled $246 million and missed the target by $56 million.