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St. Paul, MN (KROC-AM News) - The latest report on Minnesota tax collections suggests the state's economy outperformed expectations during the first month of the year.

The Minnesota Office of Management and Budget is reporting the states that general fund revenues for the month of January were just over $2.4 billion. That is $296 million, or 14.1 percent above the level that was predicted by the state revenue forecast that was issued late last year. Since last November, Minnesota's general fund revenues are nearly $460 million, or about 3.5 percent, higher than forecast.

Higher than expected individual income tax payments accounted for most of the difference last month. They were $214 million higher than projected, while sales tax revenues exceeded the forecast by about $30 million, and corporate tax payments matched the forecast.

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