MN April Tax Revenues Top Forecast by $391M – Led by Income Tax

St. Paul, MN (KROC-AM News) - Minnesota tax collections were significantly higher than predicted in April.

The latest revenue review from the Minnesota Office of Management and Budget shows the state's net general fund revenues last month totaled more than $3.8 billion. That is $391 million, or 11.4%, above the level predicted by the latest state revenue forecast that was issued in February.

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Nearly all of the higher-than-expected revenues were due to individual income tax payments. They totaled nearly $2.6 billion in April, which was $465 million higher than projected.

Sales tax revenues came in $21 million below the forecast and corporate tax payments missed the target by about $61 million. The report shows revenues generated by fees and other miscellaneous sources totaled $293 million, which was $8 million higher-than-expected.

For the current fiscal year, Minnesota's general fund revenues are up to nearly $26.4 billion. That is $635 million, or 2.5% more than forecast.