(Dene Dryden, KNSI) – The state of Minnesota brought in $1.796 billion more than expected in tax revenue during the month of May.
The Minnesota Management and Budget office released its May report on Thursday, affirming that the state’s net general fund revenues came to $3.3 billion that month. The office had projected in February that the state would see $1.5 billion in tax revenue during May.
The most significant bump in revenue when compared to the February forecast was in the state’s individual income tax revenue. The February forecast projected the state would see $627 million in individual income tax revenue, but the state actually brought in $2.33 billion, a difference of $1.704 billion. That’s a 272 percent increase over the projected value. The delayed federal and state tax filing deadline of May 17 was a likely contributor to this higher-than-projected revenue total.