Minnesota’s tax collections outpaced projections the last two months of 2012, adding an additional $114 million to the state’s general fund.
Unexpectedly robust corporate income tax collections accounted for most of the new money, about $93 million, according to Minnesota Management and Budget.
Individual income tax collections were slightly higher than predicted, but they were offset by sales tax receipts off 5.1 percent during the holiday shopping season.
Minnesota Management and Budget cautioned that uptick in tax revenue was likely the result of one-time items, not any significant upswing in the economy.
Here’s the full report for November and December:
Janupd2013 With Banner by Baird Helgeson
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