Minnesotans Paid More in Taxes Than Expected Again in October
St. Paul, MN (KROC-AM News) - Minnesota's tax collections continue to beat expectations.
A monthly report from the Minnesota Office of Management and Budget shows the state's overall general fund revenues in October totaled just under $2 billion. That's $87 million, or 4.5 percent higher than the $1.9 billion dollar prediction in the state's most recent revenue forecast.
The October report shows individual income payments were slightly lower than predicted, while sales tax receipts came in nearly $60 million above the forecast. Corporate tax payments exceeded the prediction by about $40 million.
Since the start of the current fiscal year, the state has taken in just under $8 billion. That's $744 million, or more than 10 percent higher than expected. An updated revenue is expected to be released in early December.