Minn. tax collections top estimates by $83M
ST. PAUL, Minn. (AP) — Ahead of a key economic report later this month, Minnesota finance officials are estimating that tax collections for January were $83 million above earlier expectations.
The tally announced Monday bodes well for a budget report due on Feb. 28 that will determine the size of a surplus or deficit awaiting lawmakers. Since the last comprehensive economic report in December, Minnesota has scooped up $255 million in unanticipated revenue.
The tax collection analysis shows that income, sales and corporate taxes all exceeded expectations in January.
The forecast coming out in late February will also factor in state spending patterns. At last check, lawmakers were counting on having a $825 million surplus at their disposal in the 2014 session.