State tax collections beat forecast by $30 million

Published 9:46 am Tuesday, August 11, 2015

ST. PAUL — Minnesota’s economic hot streak isn’t letting up.

State tax collections beat estimates by $30 million, or 3 percent, in July. That’s according to a Department of Minnesota Management and Budget report released Monday.

Stronger-than-expected income and sales taxes accounted for the difference. Corporate taxes and other types of revenues hit their mark. Last month officials said the state ended its fiscal year about $555 million ahead of projections.

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The tax collections are only one piece of the budget equation, and the monthly state reports don’t document spending patterns. Lawmakers will get a fresh update in November on whether the state still has a budget surplus and how big.