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Minnesota Drew $140 Million More than Anticipated in January

Flickr, Images_of_Money

ST. PAUL (AP) – Minnesota’s government has scooped up $140 million more in taxes for January than finance officials had been counting on.

But the rosy revenue numbers reflected in a report Monday could have downside to them.

The Department of Minnesota Management and Budget says that the extra collections probably signal a race to beat new federal tax rates. The biggest portion of the additional money came via the individual income tax.

Officials speculate that some high-income filers accelerated their state and federal tax payments in anticipation of tax rate bumps included in the fiscal cliff deal. It could mean less money for state coffers later.

A full state economic forecast is due at month’s end. Any surplus dollars reflected in that report will be used to repay state IOUs to schools.

(Copyright 2013 by The Associated Press.  All Rights Reserved)

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