Minnesota Enjoyed Strong Income Tax Payments in August
St. Paul, MN (KROC-AM News) – The State of Minnesota enjoyed higher than predicted tax collections in August.
The Department of Employment and Economic Development is reporting overall general fund collections last month totaled just over $1.5 billion. That’s $17 million, or about 1.1-percent above the level predicted by the state’s most recent revenue forecast.
The report credits higher than forecast individual income tax payments for the positive report. The total was $28-million above the projection at $811 million, which more than made up for lower than predicted sales and corporate tax collections.
Since the start of the fiscal year on July 1st, overall general fund collections total almost $2.85 billion. That’s $50 million, or 2-percent, less than forecast.