July Tax Receipts in Minnesota Lag Behind Forecast

St. Paul, MN (KROC-AM News) - Tax collections during the first month of the new fiscal year for the State of Minnesota fell short of expectations.

A monthly report issued by the Office of Minnesota Management and Budget shows the state’s net general fund revenues totaled just under $2.2 billion in July. The total was $62 million, or 2.8%, less than forecast.

Individual income tax payments totaled just under $1.2 billion, which was about $50 million below the level predicted by the most recent state revenue forecast. Sales tax revenues were slightly higher than projected at $707 million.

Get our free mobile app

The state agency reported corporate tax payments were $23 million under the forecast, while revenues from fees and other miscellaneous sources came in $10 million higher than predicted, at $140 million.