Minnesota tax revenue lags slightly in May
- Blog Post by:
- June 10, 2014 - 4:08 PM
Minnesotans paid more than $1.4 billion in state taxes in May, about $17 million less than state budget officials predicted.
Individual income tax collections were $15 million, or 2.3 percent, less than protected. Sales taxes nearly hit their target, coming in at $372 million, just $1 million below estimates. Other form of revenue beat targets by $22 million, offsetting much of the decline in other areas.
The state has taken in $16.8 billion for the fiscal year, about $95 million below the forecast.
Minnesota budget officials urge caution in interpreting revenue numbers, which can fluctuate wildly from month to month.
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