Minnesota state tax collections in Nov-Dec 2023 exceeded projections by 1.4%, with individual and corporate taxes higher than forecasted.

In the final two months of 2023, Minnesota state tax collections exceeded projections by 1.4%, according to the Minnesota Office of Management and Budget. The total net general fund payments for November and December were $5.22 billion, with individual income tax payments higher by $37 million, and corporate tax payments higher by $65 million. Sales tax receipts were nearly in line with forecasts, while other sources of revenue fell slightly below projections. A revised state revenue forecast will be presented to the State Legislature and Governor Tim Walz next month.

January 28, 2024
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