State Tax Collections Slightly Under Projections
ST. Paul, MN (KROC-AM News) - State tax collections over the past two months were slightly less than expected.
The latest economic update from the Minnesota Department of Management and Budget shows the state took him just over $2.4 billion during February and March. The total was $11 million, or about a half-percentage point below the level predicted by the most recent state revenue forecast.
The report shows net income tax payments were $69 million less than anticipated, while corporate tax receipts were $42 million higher than projected.
It also shows that some huge Powerball jackpots boosted sales for the lottery game and the benefit to the state’s general fund was about $6 million higher than expected.