October state tax revenue beats target

  • Blog Post by:
  • November 9, 2012 - 4:18 PM

Minnesota’s tax collections continue to beat projections, with October revenue experiencing a $56 million uptick over estimates.

The state took in $1.41 billion for the month, up 4.1 percent from projections.

Individual income taxes, business taxes and sales taxes all beat targets, according to Minnesota Management and Budget.

Minnesota took in $603 million from state income taxes, $7.7 million more than estimated.

For fiscal year 2013, the state has taken in $5.1 billion, $201.2 million more than projected.

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