Minnesota’s state revenue collections continued to outpace projections in January, with taxpayers kicking in $140 million more than expected for the month.
The state collected $1.8 billion the first month of 2013, with individual income and sales tax revenue both beating projections. The highly volatile corporate income tax did not meet expectations, bringing in $41 million for the month, nearly half of the target.
Minnesotans paid in $1.1 billion in individual income taxes, nearly $137 million more than projected. Consumers paid $490 million in sales taxes, $17.5 million more than expected.
State budget officials are scheduled to release a new economic forecast later this month that legislators will use to craft the next two-year budget. The last forecast, in November, showed the state faces a $1.1 billion projected deficit the next two years.
With an insider’s eye, Hot Dish tracks the tastiest bits of Minnesota’s political scene and keep you up-to-date on those elected to serve you.
Gov. Mark Dayton said it’s government’s job to help people in urgent need who are in their predicament through no fault of their own, so back to session we go to give 100 tourism related businesses loans, tax abatements and more advertising to help shore them up in the walleye crisis.