Corporate tax revenue drop another blow

Associated Press

ST. PAUL -- Despite soaring corporate profits, Minnesota corporate tax collections have dipped sharply below projections and could pound an even bigger dent in Minnesota's already banged-up budget.

An update of state revenue released Monday said corporate tax receipts for February and March were $25.7 million, or 13.4 percent, below projections made in late February.

Overall, state tax collection were $33.1 million below earlier estimates. Everything but sales taxes were in negative territory compared to the last forecast.

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