Minnesota Tax Collections in April Far Exceeded Expectations
St. Paul, MN (KROC-AM News) - Minnesota tax collections were significantly higher than expected last month.
The State Revenue Department says the total was almost $3.35 billion, which is $489 million, or over 17-percent above the level projected by the most recent state revenue forecast. Higher than anticipated individual income tax payments accounted for $388 million of the overage.
The report notes April is the month in which most income tax payments are made due to the filing deadline and found the combination of tax payments and refunds connected to 2018 returns was about $361 million above the forecast.
For the current fiscal year, tax receipts are about $573 million or 3.1-percent ahead of projections.