KDHL Radio logo
Get our free mobile app

St. Paul, MN (KROC-AM News) - Tax collections for Minnesota's just-ended fiscal year were significantly higher than predicted.

The latest numbers released by the Minnesota Office of Management and Budget show overall general fund revenues were nearly $3 billion higher than the level predicted by the most recent state revenue forecast in February. The total was $30.3 billion, which was 10.7-percent above the forecast.

Minnesota Office of Management and Budget
Minnesota Office of Management and Budget

The state report shows individual income tax payments for the fiscal year that ended June 30 totaled nearly $16.7 billion. That is nearly $2.4 billion or 16.5-percent higher than the February forecast.

Sales tax payments were $88 million higher than predicted. The nearly $6.7 billion total was 1.3-percent above the projection. Corporate tax collections exceeded the forecast by $437 million, or about 18.4-percent. Other revenues collected by the state nearly matched the forecast at about $13 million above the nearly $4 billion that was predicted.

Budget Impasse Shuts Minnesota Government Down
Getty Images

The state agency reported that partnership and Scorp tax payments for the fiscal year exceeded the forecast by about $404 million. The report notes those payments can be claimed as tax credits on individual tax returns and the state estimates that more than $1.3 billion of those tax credits have yet to be claimed, but officials say it's unclear how much will end up being paid out in refunds to taxpayers.

Unbelievable Historic Mansion For Sale in Wisconsin

An amazing, historic home for sale in a suburb of Milwaukee, Wisconsin is truly a mansion. It's listed for nearly $6 million.

More From KDHL Radio