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Minnesota tax revenue lags in April

Posted by: Baird Helgeson under Funding, Minnesota legislature, Democrats Updated: May 12, 2014 - 6:37 PM

Minnesota tax collections lagged a little behind expectations in April, coming in at $1.7 billion.

Overall income tax, sales tax and corporate taxes were off a combined $12 million, about 0.7 percent below the forecast.

Individual income tax withholding in April was off the most, down $19 million. April sales tax receipts were up $17 million over the forecast, a rise of 4.3 percent over predictions.

For fiscal year 2014, tax collections are at $15.371 billion, $78 million below estimates.

Minnesota Management and Budget officials said in a statement that monthly revenue reports can swing wildly and “should be interpreted with caution.”

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