Minnesota tax collections up $114M in November and DecemberPublished 9:13am Friday, January 11, 2013
ST. PAUL, Minn. — Minnesota collected more tax revenue than forecast in November and December.
Minnesota Management and Budget said Thursday that the state took in $114 million, or 3.9 percent, more than anticipated during the last two months of 2012.
Corporate income taxes came in $93 million more than forecast and accounted for most of the additional revenue. Individual income taxes also exceeded the forecast, but recent sales taxes came in less than expected.
The department cautions that the greater-than-expected revenues appear to be more likely related to one-time items and timing that increased economic activity.
The numbers don’t give a full picture of the state’s budget, because they don’t reflect spending.