Minnesota Saw Higher Than Expected Tax Revenues Last Month
St. Paul, MN (KROC-AM News) - Better than expected individual income tax payments gave a boost to the State of Minnesota’s bottom line in April.
The Minnesota Office of Management and Budget says overall revenues last month totaled $2.45 billion, which is $252 million above the level predicted by the latest State Revenue Forecast from late February. Individual income tax payments were $233 million higher than expected and corporate tax payments exceeded the forecast by $59 million, while general sales tax and other revenues were modestly lower than projected.
Since the start of the fiscal year last July, the state has taken in over $17.7 billion, which is 1.5-percent or $258 million, higher than forecast.