Minnesota Took In $43 Million More Than Expected In Last 2 Months
ST. PAUL (AP) — Minnesota is again riding a wave of strong tax collections.
After a small dip in November, the state's tax take rebounded in December. A report issued Monday covering the past two months shows the state netted $43 million more than was projected earlier. It's about 1.2 percent more than expected.
That growth came mainly in individual income taxes and corporate taxes. Sales taxes for the period missed their mark on the low side.
The economic update doesn't necessarily mean lawmakers will have that much more to spend in their upcoming session. The report looks only at revenues and not spending patterns. A full accounting of both is due next month.
According to the report, long-term economic growth projections are between 2 and 3 percent in coming years.