Minnesota’s state revenue collections continued to outpace projections in January, with taxpayers kicking in $140 million more than expected for the month.
The state collected $1.8 billion the first month of 2013, with individual income and sales tax revenue both beating projections. The highly volatile corporate income tax did not meet expectations, bringing in $41 million for the month, nearly half of the target.
Minnesotans paid in $1.1 billion in individual income taxes, nearly $137 million more than projected. Consumers paid $490 million in sales taxes, $17.5 million more than expected.
State budget officials are scheduled to release a new economic forecast later this month that legislators will use to craft the next two-year budget. The last forecast, in November, showed the state faces a $1.1 billion projected deficit the next two years.