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August tax collections up

  • Blog Post by:
  • September 10, 2012 - 5:11 PM

Minnesota’s tax collections did better than predicted in August, with revenue beating projections in all major areas.

The state took in $1.2 billion for the month, $41 million more than projected, according to Minnesota Management and Budget.

Individual income tax, sales tax and corporate taxes all outpaced projections.

The state took in $623 million in individual income taxes, $18.8 million above projections. State sales tax connections were $429 million, $16.4 million more than expected. Corporate taxes came in at 35.7 million, nearly 10 percent higher than predicted.

The August revenue snapshot comes as state budget officials are crafting a proposed two-year budget for the upcoming legislative session.

Monthly revenue totals are not a comprehensive look at the state budget. They can wildly fluctuate from month to month and do not include state spending, which can knock a budget out of balance.

The October revenue report will include a more complete three-month look at tax collections.

 

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