Minn. revenue up $41M in July on income, sales tax
St. Paul, Minn. (AP) — Minnesota tax collections beat projections for July as individual income taxes and sales taxes came in higher than expected.
Minnesota Management and Budget said Tuesday that revenues totaled $40.9 million, or 5.6 percent, higher than expected. The state collected net revenue of $763.5 million last month.
Individual income taxes and sales tax receipts together were more than $53 million ahead of projections, but other revenue dropped nearly $13 million. The sales tax figure shows only part of the picture because companies that owe large amounts of sales tax weren't due to make a payment in July.
State spending isn't factored into the revenue update and won't be included until a budget forecast in November.
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