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February tax collections lag

  • Blog Post by: Baird Helgeson
  • March 11, 2013 - 4:55 PM

Minnesotans paid less in taxes this February than state officials were expecting, a new revenue statement shows.

The state general fund took in $1.06 billion in tax revenue for the month, about $26 million less than projected. Income tax withholding was $566 million, about $36 million below forecast.

That was partially offset by strong sales tax collections, which came in at $370 million, about $13.2 million more than projected.

State budget officials warn against reading much into monthly variances. Slight variations in when taxes are processed can create wild swings in monthly tax revenue.
 

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