Skip to main content

Strong tax collections in May puts Minnesota ahead of revenue projections

Management and Budget Commissioner James Schowalter says better-than-expected sales tax collections last month helped pad Minnesota's budget. Since February, tax revenues have surpassed estimates by $148 million. An economic update will be released next month and a new budget forecast will be issued in November.
  • Author:
  • Updated:
    Original:

Management and Budget Commissioner James Schowalter says better-than-expected sales tax collections last month helped pad Minnesota's budget. Since February, tax revenues have surpassed estimates by $148 million. An economic update will be released next month and a new budget forecast will be issued in November.

Next Up

Screen Shot 2022-05-11 at 7.04.37 PM

LIVE UPDATES: Dangerous storms move through Twin Cities

We'll have live updates as the storms move through the metro.

tornado

Tornado watch issued in Twin Cities, southern Minnesota

The watch will remain in place until midnight.

Wild fox.

Wild fox in Minnesota tests positive for highly contagious avian flu

This is the first confirmed case of highly pathogenic avian influenza in a wild mammal in the state, the Department of Natural Resources said.

New COVID-19 testing site in Midway neighborhood.

New COVID-19 testing site in St. Paul; 3 others to close as cases rise

Testing sites in Stillwater, Hutchinson, and St. Paul are closing as part of moves to adjust testing resources.

Screen Shot 2022-05-11 at 4.47.49 PM

St. Joseph man dies in motorcycle crash

The 27-year-old motorcyclist struck a curb, causing him to lose control before he crashed.

Downtown-Bike-Day_WS_No-logo

Downtown bike day—city biking at its best!

Move Minneapolis and ABC Ramps Mobility invite you to come along for the ride at Target Plaza on June 1, 2022

Anthony Skelley

Charges: South St. Paul teen killed during apparent marijuana sale

The individual accused of killing Skelley is a 17-year-old from St. Paul.

Anthony Edwards

Anthony Edwards among NBA stars in Adam Sandler's Netflix film, 'Hustle'

The Timberwolves point guard stars alongside other NBA players LeBron James, Trae Young, Juancho Hernangomez and more.

police lights

Armed man found barricaded inside Brooklyn Park home, negotiators on scene

An active police presence remains in the area as negotiators speak with the suspect.

Anthony Skelley

17-year-old South St. Paul homicide victim is identified

The medical examiner determined that Skelley died of multiple gunshot wounds.

tornado, severe weather

Tornado watch issued in Minnesota, South Dakota, Iowa, Nebraska

Severe storms are expected to push into southwest Minnesota this afternoon.

Screen Shot 2021-05-27 at 9.08.37 AM

Korean chicken chain Bonchon's 6th MN location set to open

The South Korean-based franchise has steadily increased its presence across the country.

Related

Minnesota tax revenue in August beats projections

Tax receipts for August beat projections by 3.5 percent. Minnesota Management and Budget reports revenue from sales taxes and individual income taxes was strong. It's a turnaround from July, when revenue was lagging.

Minnesota tax collections below January forecast

Minnesota Management and Budget reports general fund revenues were $107 million less than projected last month. Gov. Mark Dayton and legislators will get an update on the state's budget forecast February 29. The forecast in December showed Minnesota had an $876 million surplus.

Minnesota tax revenues $100 million higher than projected

Minnesota Management and Budget officials say revenue from both income and sales tax are more than originally forecast. The latest projections in February showed Minnesota had a $323 million surplus.

Drop in tax collections not as bad in Minnesota as elsewhere

The sour economy dented Minnesota's tax receipts in 2009. But we still moved up in the state rankings of per capita tax revenue.

Minnesota retailers pressuring lawmakers to collect Internet sales tax

Republican Sen. Dave Thompson told the Star Tribune he isn't looking to collect more revenue, but feels the current policy is hurting Minnesota retailers, like Target and Best Buy. Supporters of an Internet sales tax argue online retail giants have an unfair price advantage right now.

State tax revenues jump in 2011

In what could be another sign of economic recovery, tax revenues in all 50 states jumped in 2011. Slateline.org reports that Minnesota was one of the largest gainers, bringing in 15 percent more in 2011 than 2010. North Dakota was the envy of all others, with a whopping 44.5 percent revenue increase over the previous year.