Minnesota Tax Collections Far Exceeded Expectations in July
St. Paul, MN (KROC-AM News) - One month of data does not signal a trend, but Minnesota tax collections in the first month of the new fiscal year were much higher than predicted.
The Minnesota Department of Management and Budget says the state took in $1.332 billion in July. The monthly total was $178 million, or 15.4-percent, higher than predicted by the most recent state revenue forecast.
The report indicates the state's revenues from all of the major tax types exceeded the projection. Individual income tax payments were $26 million higher, sales tax revenues beat the forecast by $71 million and corporate tax payments were $64 million above the predicted level. The state also reported revenues from fees and other miscellaneous sources were $17 million higher than expected.
The most recent state revenue forecast projected a $4.7 billion budget deficit by the end of next July.
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