Minnesota Tax Collections Were Close to Target at End of 2023
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St. Paul, MN (KROC-AM News) - State tax collections in the final two months of 2023 were slightly higher than projected.
The Minnesota Office of Management and Budget is reporting that overall net general fund payments in November and December totaled about $5.22 billion. That's approximately $70 million, or 1.4% above the level that was projected in the new state revenue forecast that was issued in November.
The report shows individual income tax payments exceeded the forecast by $37 million, while corporate tax payments came in $65 million higher than expected. Sales tax receipts nearly matched the forecast, while the state's other revenues from fees and miscellaneous sources were lower than projected by about $30 million.
The State Legislature and Governor Tim Walz are expected to be presented with a revised state revenue forecast next month.
Minnesota Twins Winter Caravan Visits Mayo Clinic Children's Hospital in Rochester
Gallery Credit: T.J. Leverentz
