For 4th month in a row, Minnesota tax revenues lag - Bring Me The News

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

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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.

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