Corporate tax revenue drop another blow
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.