Minnesota November Tax Collections $35 Million Over Forecast

St. Paul, MN (KROC-AM News) - Minnesota tax collections last month were modestly higher than projected.

A monthly update issued by the Office of Minnesota Management and Budget shows the state’s net general fund revenues for the month of November totaled $2.1 billion. That was $35 million, or 1.7%, above the level predicted by the new state revenue forecast issued a few weeks ago.

Most Revenue Categories Were Above the Forecast

The report shows individual income tax payments last month totaled $851 million, which was $14 million more than expected. Corporate tax payments matched the forecast at $84 million, while revenues from fees and other miscellaneous sources came in at $503 million, beating the forecast by $25 million.

Sales Tax Collections Missed the Target

Sales tax revenues came in slightly below projections at $661 million. The state agency says that was $5 million less than predicted.

Since the start of the fiscal year in July, Minnesota has taken in about $12.35 billion.