WCCO EYE4 LOGO WCCO Radio wcco-eye-white01, ww color white

Latest News

Minn.’s May Tax Collections Put State $148M Ahead

View Comments
(credit: CBS)

(credit: CBS)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. DeRusha Eats: Brake Bread
  2. Husband And Wife Die 15 Hours Apart
  3. Polk County Sheriff's Deputy Laid To Rest
  4. Como Zoo Animals Visit WCCO
  5. Troops Homecoming Sweetened By Local Girl Scouts

ST. PAUL, Minn. (AP) – The state of Minnesota is $148 million ahead of its revenue projections for the year after last month’s tax collections beat expectations.

Management and Budget Commissioner James Schowalter said Monday that May revenues were $32.3 million, or 2.5 percent, ahead of the February forecast.

The strong showing came from better-than-anticipated sales tax collections and revenues from other sources, while individual income tax collections fell behind projections. Income taxes are still being processed but Schowalter’s memo to Gov. Mark Dayton said the state likely will collect more in final income tax payments than it owes in refunds.

A fuller picture of the state’s revenues will come out next month in the July economic update.

The entire picture, including spending, won’t be known until a new budget forecast is issued in November.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus