Minnesota’s net general fund receipts for February and March 2022 are now estimated to total $4.239 billion, $666 million (18.7 percent) more than forecast in the February 2022 Budget and Economic Forecast. However, most of this variance reflects the timing of pass-through entity (PTE) tax payments and refunds and not higher than forecast tax liability. Net receipts exceeded the forecast for income, sales, and corporate taxes. Net other revenues nearly matched the forecast. (See page 4 for details.)

Net individual income tax receipts for February and March were $554 million (30.5 percent) more than forecast. Net payments from partnerships and S Corporations (primarily for the PTE tax) generated about $530 million (96 percent) of this variance.

Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.