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Tax collections exceed forecasts

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Apr 11, 2013 at 7:26 am

ST. PAUL, Minn. (AP) Minnesota tax collections continue to exceed forecasts.

According to the latest revenue report, Minnesota collected $145 million more than anticipated in February and March.

The Department of Minnesota Management and Budget says receipts from each of the three major taxes _ income taxes, sales taxes and corporate taxes _ exceeded expectations.

Individual income tax collections for the two months were $57 million more than expected. The department says higher than expected withholding receipts accounted for all of the additional revenue. Officials say much of that variance may reflect only one-time differences in the timing of receipts and not a stronger than anticipated economy.

The department says about 75 percent of the higher than expected sales tax revenue was due to lower than anticipated sales tax refunds.

Mike Tanner

Posted By Mike Tanner

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