Minnesota July tax revenue lags; sales tax a bright spot
August 14, 2013 — 6:33pm
Note: Corrected a typo and other fixes.
State tax collections slumped in July, falling 2 percent below projections for the month.
Income tax collections were off 13 million, to $603 million. Corporate income tax receipts were down about $12 million.
Sales tax collections were a bright spot, up $22 million, or nearly 12 percent, over estimate. Total sales tax collections totaled $201 million for the first month of the new budget cycle.
State budget officials say there is nothing unusual or concerning about the revenue changes. July is a month of relatively low revenue collections, so slight variations in dollar amounts can cause dramatic swings in the percentages, said Minnesota Management and Budget spokesman John Pollard.
"It is not reflecting a large dollar amount in comparison to the entire budget," Pollard said.
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