Minnesota’s November-December Tax Collections Exceed Projections
St. Paul, MN (KROC-AM News) - Minnesota tax collections exceeded expectations during the final two months of 2015.
A Revenue and Economic Update released Monday by the Minnesota Department of Management and Budget shows the state took in just under $3.7 billion in November and December. The total was about $43 million above the level that was predicted by the new state revenue forecast that was issued in November.
Monday’s report shows individual income tax and corporate tax payments were higher-than-expected, while sales tax receipts were a little lower than projected.
The November revenue forecast predicted a nearly $2 billion dollar state surplus by the end of the current state budget cycle in 2017.