Minnesota tax collections jump 25% in January

MINNEAPOLIS (AP) — Minnesota tax collections rang in 25% higher than expected in January, bolstered largely by robust corporate pay-ins, state budget analysts announced Thursday.

The Star Tribune reported that Minnesota Management and Budget Commissioner Jim Schowalter announced the numbers in a memo.

He wrote that corporate tax collections were $642 million more than predicted and general sales tax revenue was $2 million more than anticipated.

Other state revenue was up $46 million over forecasts. Revenue from individual income taxes was $42 million less than expected, however.

The money will impact the state’s budget surplus, currently projected at a historic $7.7 billion. House Republicans tweeted that the January revenue increase could push the surplus to more than $10 billion.

Tax receipts are nearly $1.5 billion more than projected for the fiscal year that began in July.