Minnesota Tax Collections Below Mark For Fourth Month
ST. PAUL, Minn. (AP) – For a fourth straight month, Minnesota’s tax collections have come in slightly below expectations.
The Department of Minnesota Management and Budget reported today (Tuesday) that the state took in $17 million less than anticipated in May. That’s 1.1 percent below the amount officials estimated in a February long-range forecast. Income and corporate taxes missed the mark the most.
For the fiscal year, which closes this month, the state is $95 million below its revenue benchmark.
Officials stress caution in interpreting the monthly figures because they look only at the revenue side and don’t account for changes in state spending patterns. They add that timing of individual income tax payments and refunds can shift the month-to-month figures.
A more-comprehensive report is due in July.