ST. PAUL, Minn. (AP) — Minnesota scooped up $555 million in unexpected tax revenue in the fiscal year that ended in June, according to a report released by state officials Friday.
Minnesota Management and Budget’s year-end look at tax collections showed revenue was nearly 3 percent above forecasts, with much of the additional money coming from income tax collections. Nearly every tax across the board pulled in more than projected, including a small windfall from sales taxes and a 9.4 percent increase in corporate taxes.
The report adds to a recent string of good financial fortune for the state, and economic temperature checks have continually shown tax collections coming in above projections. Friday’s report only details revenue collections and doesn’t examine the state’s spending trends. The new fiscal year began in July.
The additional money could pad a budget surplus if the state’s fiscal fortune keeps up. Lawmakers finished up a new budget in June but left nearly $900 million on the bottom line to pursue tax relief and transportation funding next year.
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