Minnesota tax revenues mixed early in fiscal year
By Don Davis
Forum News Service
ST. PAUL -- Minnesota sales and personal income tax receipts were up in the first three months of the state fiscal year as state revenues came in just short of projections.
Minnesota Management and Budget on Thursday reported that overall state tax collections were down $2 million, less than 0.1 percent, compared to expectations.
Cigarette and other tobacco taxes fell $29 million below projections, about 21 percent short. Corporate income taxes were down $342 million, an 11 percent fall.
Nearly making up for those losses were a $46 million sales tax gain (4.2 percent higher) and $27 million more in individual income taxes (1.3 percent up).
The state collected more than $4 billion in the three-month period. Tax increases the Legislature and Gov. Mark Dayton approved earlier this year were to bring in $240 million during that quarter, but total revenue was $336 million more than a year ago.