Minnesota Tax Payments Continue to Beat Projections
St. Paul, MN The State of Minnesota continued to enjoy higher than expected tax collections last month.
The monthly update from the Minnesota Revenue Department shows overall tax collections in August totaled just over $1.66 billion. That's $87 million, or about 5.5-percent, above the level predicted by the state's most recent revenue forecast. The vast majority of the higher than expected revenues were from individual income tax payments, which came in $80 million above the projections.
Since the start of the fiscal year on July 1st, overall tax collections are just over 3-percent above the revenue forecast projections at almost $2.75 billion.