ST. PAUL, Minn. - Lower-than-anticipated income tax collections have made a small dent in Minnesota's monthly revenue tally.
The Department of Minnesota Management and Budget said Monday that the state took in $26 million less than expected from various taxes, all of the shortage attributable to reduced income tax payments. That amounts to 2.4 percent of anticipated revenue.
The report is purely informational to lawmakers. They must set the next state budget based on a more-comprehensive budget forecast that was released last month. It showed a $627 million deficit that needs fixing.
If there was a bright spot, it was in the sales tax area. February sales tax collections were $13.2 million ahead of projections.
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