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Minnesota's February tax revenue down slightly

Posted by: under State budgets Updated: March 10, 2014 - 3:37 PM

Minnesota’s tax revenue collections fell slightly below projections in February, coming in about $17 million below the estimate of $1.16 billion.

Individual income tax and sales tax collections beat projections by about $19 million. Corporate income taxes and other tax revenue were down for the month by $35.4 million.

Minnesota Management and Budget officials urged caution interpreting the numbers, which are a brief snapshot in a two-year budget cycle.

“Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued,” the department said in a statement.

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