Minn. Tax Collections Continue To Outpace Forecast
ST. PAUL, Minn. (AP) — Minnesota took in about $25 million more in tax revenue in May than was initially expected, as revenue collections for the year continue to perform above projections.
The Department of Minnesota Management and Budget says Monday that general fund revenues of $1.4 billion in May were 1.9 percent above the agency’s February forecast. In the year to date, the state has collected $324 million more than predicted in that forecast.
In May, the state collected more from the individual income tax and corporate income tax than was initially forecast. Sales tax collections were slightly down compared to the forecast.
State officials have said the upticks in revenue are largely due to the improving economic climate both in Minnesota and nationally.
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