Minnesota Reports Jump in Tax Collections

St. Paul, MN (KROC-AM News) - After starting the new fiscal year nearly in line with projections, Minnesota state tax collections jumped significantly in August and were well above the forecast.

A monthly update from the Minnesota Office of Management and Budget shows overall net general fund revenues totaled more than $2.23 billion last month. That is $187 million, or more than 9%, above the level predicted by the most recent state revenue forecast issued back in February.

Get our free mobile app

The report indicates individual income tax payments came in $49 million higher-than-expected at more than $1.1 billion, while corporate tax payments were about $10 million lower than anticipated and state sales tax collections were just under $700 million, which was slightly above the forecast.

Income from fees and other miscellaneous sources accounted for most of the higher than predicted revenue. The state report shows it collected almost $350 million, which exceeded the projected amount by about $145 million.

Since the start of the new fiscal year on July 1, the State of Minnesota has taken in more than $4.2 billion in revenue. The total is about $197 million, or nearly 5% more than forecast.