Sections

Weather Forecast

Close

Ted Cruz to abandon presidential campaign, leaves nomination for Trump to take

Minnesota tax revenues up

News Grand Forks,North Dakota 58203 http://www.grandforksherald.com/sites/all/themes/grandforksherald_theme/images/social_default_image.png
Grand Forks Herald
Minnesota tax revenues up
Grand Forks North Dakota 375 2nd Ave. N. 58203

ST. PAUL -- Minnesota's finance agency reports state tax revenues for the past year are up $168 million from what was expected in February.

The increase over what was planned is 0.9 percent, with nearly $19.3 billion in revenue in the fiscal year that ended June 30. The upswing comes in contrast to several recent monthly reports that showed revenue dips.

Higher than expected individual income tax revenue is the reason Minnesota Management and Budget gave for the better news. While income taxes were up $181 million in the year, corporate taxes fell $55 million from expectations.

State finance officials reported the national economy “hit a deep pothole at the beginning of 2014.” However, problems that caused the downturn, such as extreme winter weather, appear to have disappeared and the economy is predicted to be steady, although the early-year woes are “expected to drag down this year’s overall economic performance,” a state report issued Thursday said.

Forum News Service
The Forum Communications News Service is the premier news wire service covering the Upper Midwest, stretching from the oilfields of western North Dakota to the plains of South Dakota and to the shores of eastern Minnesota. For more information about the services we offer or to discuss content subscriptions, please contact us.
Advertisement