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Minnesota's October tax collections beat target by $56 million

Posted by: Baird Helgeson under Funding, Minnesota legislature, State budgets Updated: November 12, 2013 - 4:32 PM

Minnesota’s tax collections in October beat expectations by more than $56 million.

The Minnesota Department of Revenue took in $1.6 billion for the month, about 3.6 percent higher than estimated.

Income tax collections came in at $718 million, about $30.3 million more than budget officials estimated.

Sales tax collections were $455 million, beating targets by 4.4 million.

The state took in $63.9 million in corporate income taxes, up $1 million over estimates.

Other revenue came in $20 million over estimates, at $362 million.

Budget officials warn not to read too much into monthly revenue statements. They can vary wildly based on a range of factors, including timing of tax payments.

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