Minnesota Tax Revenues Pass Expectations in November and December
ST. PAUL, Minn. (AP) – Minnesota state government collected $172 million more in taxes in November and December than was previously forecast by finance officials.
Minnesota Management and Budget released its January economic update on Friday. It says the state collected general fund receipts in November and December of $3.3 billion, which is $172 million or 5.4 percent more than state officials predicted last November.
Tax revenue came in above expectation in all three principal tax categories: individual income tax, sales tax and corporate franchise tax.
Management and Budget attribute the spikes to a variety of factors, including stronger than expected economic activity in Minnesota along with a modest improvement in the U.S. economy above what was expected when the November forecast was prepared.