Minnesota revenue rises
ST. PAUL -- Minnesota state revenues were 8.5 percent higher last month than expected. The $113 million jump from what was forecast last February, continuing a trend seen most of this year, came thanks to the three state's three major taxes comin...
ST. PAUL - Minnesota state revenues were 8.5 percent higher last month than expected.
The $113 million jump from what was forecast last February, continuing a trend seen most of this year, came thanks to the three state’s three major taxes coming in higher: individual income tax, sales tax and corporate tax. Minnesota Management and Budget reported Thursday that each produced higher returns in the mid-$30 million range.
The state pulled in more than $1.4 billion of revenue in August.
State finance officials warned that the corporate tax increase was due to one-time payments and likely will not be repeated.
However, the overall trend has been that the state is getting more money than expected. That could produce a new budget surplus when the next report comes out.
Legislators earlier this year left money unspent, and a new surplus would add to talks on how to spend it.
An unscientific survey indicated voters are divided about what to do with any surplus. The largest segment, 26 percent, preferred spending on infrastructure such as roads.
Another 18 percent suggested saving the surplus to cover future shortfalls, while 17 percent suggested increasing education spending.