Minnesota Tax Revenues Over $800 Million Higher Than Forecast
St. Paul, MN (KROC-AM News) - The State of Minnesota has now enjoyed significantly better than expected revenues for four straight months.
The latest revenue report from the Office of Minnesota Management and Budget shows the state government took in just under $2 billion last month. That is $212 million, or about 12.2-percent, above the level of tax collections predicted by a state revenue forecast that was updated during the first couple months of the pandemic.
The report shows income tax payments in October exceeded the projections by $109 million, sales tax revenues topped expectations by the same amount, while corporate tax payments were $34 million higher than predicted. State revenues from a variety of fees and other sources missed the projection by about $39 million.
Since the beginning of the fiscal year, overall state revenues have been $805 million, or about 12 1/2 percent, higher than projected.