State Tax Collections Fall Short in August
St. Paul, MN (KROC-AM News) - The State of Minnesota is reporting lower-than-expected tax collections for the month of August.
The Minnesota Department of Management and Budget says the state took in $1.418 billion last month. That is $42 million, or 2.9-percent below the level that was predicted by the most recent state revenue forecast.
All three major categories of tax revenue failed to meet projections. Individual income tax payments were $13 million under the predicted level, sales tax revenues were $27 million short, and corporate tax payments came in $12 million lower than expected.