Minn. revenue up $41M in July on income, sales tax

Minnesota tax collections beat projections for July as individual income taxes and sales taxes came in higher than expected.

Minnesota Management and Budget said Tuesday that revenues totaled $40.9 million, or 5.6 percent, higher than expected. The state collected net revenue of $763.5 million last month.

Individual income taxes and sales tax receipts together were more than $53 million ahead of projections, but other revenue dropped nearly $13 million. The sales tax figure shows only part of the picture because companies that owe large amounts of sales tax weren't due to make a payment in July.

State spending isn't factored into the revenue update and won't be included until a budget forecast in November.

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