MN Collects 9% More Than Expected In January
ST. PAUL, Minn. (AP) — State tax collectors did better than expected last month as individual taxpayers withheld and paid more income taxes.
Minnesota Management and Budget said Friday that the state collected $137.4 million more than anticipated in January. That’s 9.3 percent higher than forecast.
The extra cash puts the state $165.5 million ahead of projected revenues seven months into the current fiscal year.
Even so, Minnesota is facing a $6.2 billion deficit in the coming two-year budget period.
Management and Budget Commissioner Jim Schowalter says the January revenue might reflect attempts by some taxpayers to get ahead of April tax bills by sending in large fourth-quarter payments. The numbers also don’t include state spending patterns.
A complete budget forecast will be released at the end of February.
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