Minnesota’s May Tax Collections Put State $148 Million Ahead
ST. PAUL (AP) – The state of Minnesota is $148 million ahead of its revenue projections for the year after last month’s tax collections beat expectations.
Management and Budget Commissioner James Schowalter said Monday that May revenues were $32.3 million, or 2.5 percent, ahead of the February forecast.
The strong showing came from better-than-anticipated sales tax collections and revenues from other sources, while individual income tax collections fell behind projections. Income taxes are still being processed but Schowalter’s memo to Gov. Mark Dayton said the state likely will collect more in final income tax payments than it owes in refunds.
A fuller picture of the state’s revenues will come out next month in the July economic update.
The entire picture, including spending, won’t be known until a new budget forecast is issued in November.
(Copyright 2012 by The Associated Press. All Rights Reserved)