Minnesota Fiscal Year Tax Collections Topped $30 Billion
St. Paul, MN (KROC-AM News) - Tax collections for Minnesota's just-ended fiscal year were significantly higher than predicted.
The latest numbers released by the Minnesota Office of Management and Budget show overall general fund revenues were nearly $3 billion higher than the level predicted by the most recent state revenue forecast in February. The total was $30.3 billion, which was 10.7-percent above the forecast.
The state report shows individual income tax payments for the fiscal year that ended June 30 totaled nearly $16.7 billion. That is nearly $2.4 billion or 16.5-percent higher than the February forecast.
Sales tax payments were $88 million higher than predicted. The nearly $6.7 billion total was 1.3-percent above the projection. Corporate tax collections exceeded the forecast by $437 million, or about 18.4-percent. Other revenues collected by the state nearly matched the forecast at about $13 million above the nearly $4 billion that was predicted.
The state agency reported that partnership and Scorp tax payments for the fiscal year exceeded the forecast by about $404 million. The report notes those payments can be claimed as tax credits on individual tax returns and the state estimates that more than $1.3 billion of those tax credits have yet to be claimed, but officials say it's unclear how much will end up being paid out in refunds to taxpayers.