Minn. tax collections up $114M

Published 9:51 am Friday, January 11, 2013

ST. PAUL — Minnesota collected more tax revenue than forecast in November and December.

Minnesota Management and Budget said Thursday that the state took in $114 million, or 3.9 percent, more than anticipated during the last two months of 2012.

Corporate income taxes came in $93 million more than forecast and accounted for most of the additional revenue. Individual income taxes also exceeded the forecast, but recent sales taxes came in less than expected.

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The department cautions that the greater-than-expected revenues appear to be more likely related to one-time items and timing that increased economic activity.

The numbers don’t give a full picture of the state’s budget, because they don’t reflect spending.