Skip to main content

For 4th month in a row, Minnesota tax revenues lag

  • Author:
  • Updated:
    Original:

For the fourth straight month, Minnesota collected less in taxes than forecasters expected.

The state raked in $1.4 billion in May, $17 million less than anticipated, the Department of Minnesota Management and Budget reported.

Sales tax revenue was nearly on target ($372 million), about $1 million less than predicted, but income tax collected last month was $15 million less than expected, state officials said.

The state has collected a total of about $16.8 billion in various taxes this fiscal year, roughly $95 million under forecast, the Star Tribune reports.

In April, combined income tax, sales tax and corporate taxes were $12 million below projections.

That followed below-projection revenues in February and March, too.

State budget officials urge caution about reading too much into the monthly reports, noting that the timing of individual income tax payments and refunds can swing figures up or down one month to the next, the Associated Press notes.

A more comprehensive revenue analysis is expected in July.

Next Up

KwonFloodFOX9

FOX 9 promotes Hannah Flood to anchor, adds new reporter

Hannah Flood will co-anchor mornings while Se Kwon joins the team.

Carjacking pursuit in Little Canada

Watch: Suspects drive wrong-way on I-35E, before carjacking separate vehicles

The Ramsey County Sheriff's Office said the suspects are still at large.

RestaurantFireSTP

St. Paul restaurant damaged in Sunday night fire

The fire department said the fire is considered to be "accidental."

Lake Superior.

MPCA: Minnesota's emissions fell by 23% between 2005 and 2020

Clean energy investments have driven the decline.

Dave Durenberger

Former U.S. Senator for Minnesota Dave Durenberger dies at 88

Durenberger served two terms before his disgraceful exit in the mid-1990s.

Screen Shot 2023-01-31 at 10.17.33 AM

Two new breweries join Minneapolis, St. Paul downtowns

There are new spots in North Loop and Lowertown.

driver's license

'Driver's Licenses For All' bill passes Minnesota House, heads to Senate

It would allow Minnesotans to obtain it without needing proof of legal presence in the U.S.

LawlessCocktailRoomIGLawless

Lawless Distilling in south Minneapolis abruptly closes its doors

The company stated "the wear and tear of the pandemic has taken its toll."

Related