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October Minnesota Tax Collections Beat the Forecast

dollar denominations with fine coins
photo by denisvrublevski

St. Paul, MN (KROC-AM News) – Minnesota tax collections were slightly better than expected last month.

The latest revenue report from the Minnesota Office of Management and Budget shows the state took in about $1.7 billion in October. That was $35 million, or 2.1-percent above the level predicted by the most recent state revenue forecast issued in February.

Individual income tax payments were right on target, while corporate tax payments came in $20 million higher than forecast and sales tax collections were just slightly lower than predicted. About half of the surplus revenue was from various fees and other payments to the state.

Since the start of the fiscal year on July 1, overall state collections are running about a half a percentage point below the forecast at just under $6.26 billion. The next state revenue forecast is scheduled to be released in late November or early December.

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