In August, Minnesota's state tax collections rose 9% to $2.23 billion, exceeding forecast by $187 million.
In August, Minnesota's state tax collections rose by 9%, reaching over $2.23 billion, exceeding February's forecast by $187 million. This increase was driven by higher individual income tax payments, which were $49 million above expectations. While corporate tax payments fell short by $10 million, state sales tax collections slightly surpassed projections. Since July 1, the state has collected over $4.2 billion, around 5% more than initially forecasted.
September 22, 2024
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