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Minnesota state revenues up last two months of 2014

ST. PAUL - Minnesotans paid more in taxes than expected the last two months, Minnesota Management and Budget reported Monday. The state finance agency said tax collections were up 6.4 percent over November projections. Individual November and Dec...

ST. PAUL - Minnesotans paid more in taxes than expected the last two months, Minnesota Management and Budget reported Monday.

The state finance agency said tax collections were up 6.4 percent over November projections. Individual November and December income taxes were nearly $1.6 billion, up from the previously estimated $1.4 billion, to lead the increase.

The total increase was $212 million over all taxes.

If the increase continues, it is good news for lawmakers crafting a two-year budget expected to top $41 billion.

MMB officials warned that the increased income tax revenue could be due to the timing of tax payments rather than more money being paid. However, they reported that lower gasoline prices and other improved economic news is good for the state.

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