ST. PAUL, Minn. (AP) -- Minnesota's government has scooped up $140 million more in taxes for January than finance officials had been counting on.
But the rosy revenue numbers reflected in a report Monday could have downside to them.
The Department of Minnesota Management and Budget says that the extra collections probably signal a race to beat new federal tax rates. The biggest portion of the additional money came via the individual income tax.
Officials speculate that some high-income filers accelerated their state and federal tax payments in anticipation of tax rate bumps included in the fiscal cliff deal. It could mean less money for state coffers later.
A full state economic forecast is due at month's end. Any surplus dollars reflected in that report will be used to repay state IOUs to schools.
All content © Copyright 2001 - 2013 WorldNow and KTTC, a Quincy station.
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Jodi Neyens at (507) 280-5104. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at email@example.com.