Minnesota Started 2025 With Lower Than Forecast Tax Collections

St. Paul, MN (KROC--AM News) - State tax collections missed the target during the first month of the new year.

A monthly report issued by the Minnesota Office of Management and Budget says the state's general fund revenues totaled just under $3.1 billion in January. That was $64 million, or 2%, less than what was forecast.

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The report indicates individual income tax payments came in $72 million lower than expected and corporate tax collections were $23 million under the level predicted by the most recent state revenue forecast. Sales tax collections exceeded the forecast by $28 million, while revenues from fees and other miscellaneous sources were about $2 million higher than projected.

For the current fiscal year, which runs through the end of June, overall general fund revenues for the State of Minnesota have risen to more than $18.8 billion. The state agency says that is $315 million, or 1.7%, above the forecast.