Sept. MN, MI Tax Revenues Higher Than Expected

1. Income tax revenue is coming in higher than expected in Michigan, a sign that more people are working or earning more money. Gov. Jennifer Granholm said Monday that the state general fund is expected to have about $100 million more than state economists estimated in May when the books are closed on the budget year that ended Sept. 30.

2.  Minnesota tax collectors took in $55 million more than expected from July through September.  In the last snapshot of the state budget before the Nov. 2 election, Minnesota Management and Budget released an economic update on Monday. The brightest spots were sales and corporate taxes.

That brings the total to 11 states that are reporting either higher than expected tax revenues in September, or gains compared to September of last year, see CD post.