Minnesota Tax Collections Beat Forecast by $133 Million in July

St. Paul, MN (MinnesotaNow) - Minnesota tax collections came in higher than expected last month.

Minnesota Collects $2.38 Billion in July

The State Office of Management and Budget is reporting that overall net general fund revenues totaled $2.38 billion in July. That is $133 million, or 5.9%, above the amount predicted in the most recent state revenue forecast.

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Individual Income Tax Revenue Comes in Above Forecast

The state agency is reporting that individual income tax payments were $39 million above the forecast at just under $1.3 billion. Revenue from sales tax collections exceeded the forecast by $51 million and totaled $787 million.

Minnesota Management and Budget

Other State Revenues Finish Above Forecast

Corporate tax payments were also higher than forecast. The total was $152 million for the month of July, which was $30 million more than expected. Various other state revenues from fees and miscellaneous sources came in $13 million above the forecast at $154 million.