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Income Taxes Fall Short in February

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Mar 11, 2013 at 2:27 pm

ST. PAUL, Minn. (AP) - Lower-than-anticipated income tax collections have made
a small dent in Minnesota's monthly revenue tally.

The Department of Minnesota Management and Budget said Monday that the state
took in $26 million less than expected from various taxes, all of the shortage
attributable to reduced income tax payments. That amounts to 2.4 percent of
anticipated revenue.

The report is purely informational to lawmakers. They must set the next state
budget based on a more-comprehensive budget forecast that was released last
month. It showed a $627 million deficit that needs fixing.

If there was a bright spot, it was in the sales tax area. February sales tax
collections were $13.2 million ahead of projections.