(KNSI) — Tax collections once again surpassed expectations, so an updated forecast on the state’s economy is due out early next month.
The State of Minnesota has collected $744 million more in sales and corporate franchise taxes than predicted since July 1st. That’s more than 10% over what was forecast in February, and Minnesota could start 2022 with a significant surplus. The state has also gotten billions from the federal government in COVID-19 pandemic relief dollars.
The Office of Minnesota Management and Budget says the economic forecast will be released December 7th, which will help piece together spending proposals ahead of the upcoming 2022 legislative session on January 31st. Last session, lawmakers passed a two-year state budget, but a supplemental spending package could be agreed to this session.
___
Copyright 2021 Leighton Enterprises, Inc. All rights reserved. This material may not be broadcast, published, redistributed, or rewritten, in any way without consent.
