Minnesota Took in 16% More Than Expected in Tax Revenues in May
St. Paul, MN (KROC-AM News) - Minnesota tax collections were significantly higher than expected last month.
A monthly report issued by the Minnesota Office of Management and Budget shows the state's net general fund revenues exceeded $2.1 billion in May. The total was $304 million or 16.7% above the amount that was predicted by the most recent State Revenue Forecast.
All of the major revenue categories exceeded the projections for May. The largest revenue source, individual income tax payments were $204 million higher than projected.
The report shows general sales tax receipts were $57 million over the forecast, while corporate tax payments beat the projections by $33 million. Revenues from fees and other miscellaneous sources were $9 million higher than anticipated.
Since the beginning of the fiscal year, state revenues total more than $26.8 billion. That's $561 million or 2.1% above the forecast.
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