Minnesota Tax Revenues Rebound After Early 2026 Shortfall
St. Paul, MN (KROC-AM News) - State tax collections rebounded last month after falling short of projections in February and March.
$4.3 Billion Collected in April
A monthly report issued by the Minnesota Office of Management and Budget shows that general fund revenues for the month of April totaled just under $4.3 billion. That is $230 million, or 5.7%, above the level predicted by the most recent state revenue forecast.
Income Tax Payments Led the Way
The state agency reported that individual income tax payments came in at just under $2.9 billion, which is $181 million higher than expected. Sales tax revenues exceeded projections by about $12 million, while fees and other miscellaneous revenue sources were $61 million above the forecast.
Corporate Taxes Fell Short
The only major category of tax collections that missed the target in April was corporate tax payments. They totaled $484 million, which was $23 million below the forecast.
Overcame Weak Collections From Previous Months
The higher-than-anticipated revenues for April erased the deficit from February and March. State officials earlier reported that net general fund revenues for that two-month period were 4.6% below projections.
READ MORE: Minnesota Tax Collections Miss Target in February and March
Since the beginning of the current fiscal year, the state has collected a little under $27.5 billion in taxes and fees. That is $48 million, or 0.2%, above the level predicted by the updated revenue forecast issued in February.
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