Minn. drew $145M more than expected in Feb.-March

9:26 PM, Apr 10, 2013   |    comments
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ST. PAUL, Minn. - Minnesota tax collections continue to exceed forecasts.

According to the latest revenue report, Minnesota collected $145 million more than anticipated in February and March.

The Department of Minnesota Management and Budget says receipts from each of the three major taxes - income taxes, sales taxes and corporate taxes - exceeded expectations.

Individual income tax collections for the two months were $57 million more than expected. The department says higher than expected withholding receipts accounted for all of the additional revenue. Officials say much of that variance may reflect only one-time differences in the timing of receipts and not a stronger than anticipated economy.

The department says about 75 percent of the higher than expected sales tax revenue was due to lower than anticipated sales tax refunds.

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