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State took in additional $140 million in January

Posted by: under State budgets Updated: February 11, 2013 - 4:42 PM

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.
 

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