Minnesota Tax Collections Top Expectations
St. Paul, MN (KROC-AM News) - A preliminary report shows Minnesota tax collections for the fiscal year that ended last month were almost $350 million higher than expected.
The Minnesota Office of Management and Budget says the state’s overall revenues for the 12 month period totaled just over $22 billion. That figure is 1.6-percent or $348 million above the level projected by the most recent state revenue forecast issued in February.
The report shows net sales tax receipts were lower than anticipated, but that was more than offset by higher than predicted individual income tax and corporate tax payments. The individual income tax payments were 2.9-percent higher than forecast, and state officials say a significant portion of that variance appears to be from higher than predicted tax payments on capital gains. Preliminary figures indicate those payments were up 31-percent last year when compared to fiscal year 2017.
The state will close the books on fiscal year 2018 on August 10th.
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