Minnesota Scoops Up Extra $555M in Taxes for the Year
Minnesota Scoops Up More in Tax Collections Than Predicted
Minnesota continues to scoop up more in tax collections than forecasts predicted.
State officials released a report Friday showing revenue collections were up nearly 3 percent above projections for the fiscal year ending in June.
Much of the $555 million in additional tax revenue came from income tax collections.
Corporate tax collections also came in above forecasts.
The state’s new fiscal year began in July.
The additional money could pad a budget surplus if the state’s fiscal fortune keeps up.
Lawmakers finished up a new budget in June but left nearly $900 million on the bottom line to pursue tax relief and transportation funding next year.