State Tax Collections Top Forecast by $100 Million
St Paul, MN (KROC AM News) - Minnesota’s tax collections continued to outpace expectations in February and March.
A state revenue update released Friday by the Minnesota Department of Management and Budget shows overall tax collections for the two-month period totaled just over $2.25 billion, which is $100 million, or 4.6-percent above the level predicted by the most recent state revenue forecast.
Higher than expected net corporate income tax payments accounted for much of the unanticipated revenue.
In January, state tax collections came in $85 million higher-than-expected.