Minnesota's October tax collections beat target by $56 million
- Blog Post by:
- November 12, 2013 - 4:32 PM
Minnesota’s tax collections in October beat expectations by more than $56 million.
The Minnesota Department of Revenue took in $1.6 billion for the month, about 3.6 percent higher than estimated.
Income tax collections came in at $718 million, about $30.3 million more than budget officials estimated.
Sales tax collections were $455 million, beating targets by 4.4 million.
The state took in $63.9 million in corporate income taxes, up $1 million over estimates.
Other revenue came in $20 million over estimates, at $362 million.
Budget officials warn not to read too much into monthly revenue statements. They can vary wildly based on a range of factors, including timing of tax payments.
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