Minnesotans Continue to Pay More Than Predicted in Taxes
St. Paul, MN (KROC-AM News) - Just days after releasing a new state revenue forecast that projects a record-setting state budget surplus of more than $7.7 billion dollars, the state is reporting tax collections last month exceeded the brand-new forecast
The Minnesota Office of Management and Budget says overall net general fund revenues in November totaled just over $1.8 billion. That was $78 million, or 4.5 percent, higher than predicted.
Individual income tax payments were $36 million above the forecast, while sales tax revenues exceeded the projection by about $28 million. Corporate tax collections totaled $65 billion, which beat expectations by $15 million.