Minn. Drew $145M More Than Expected In Feb.-March
Get Breaking News First
ST. PAUL, Minn. (AP) — Minnesota tax collections continue to exceed forecasts.
According to the latest revenue report, Minnesota collected $145 million more than anticipated in February and March.
The Department of Minnesota Management and Budget says receipts from each of the three major taxes — income taxes, sales taxes and corporate taxes — exceeded expectations.
Individual income tax collections for the two months were $57 million more than expected. The department says higher than expected withholding receipts accounted for all of the additional revenue. Officials say much of that variance may reflect only one-time differences in the timing of receipts and not a stronger than anticipated economy.
The department says about 75 percent of the higher than expected sales tax revenue was due to lower than anticipated sales tax refunds.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)