Minnesota Drew $145 Million More Than Expected in February, March
ST. PAUL (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.