Tax Filing Deadline Extension Blamed For Lower State Revenues
St. Paul, MN (KROC-AM News) - State officials suspect the one-month extension of the tax filing deadline this year was responsible for the first monthly state revenue report coming in below expectations for many months.
Overall Minnesota met general fund revenues totaled just under $2.75 billion in April. The Minnesota Office of Management and Budget says that was $189 million, or 6.4 percent, below the level predicted by the most recent state revenue forecast issued in February.
Revenues from every tax category except individual income taxes were higher than predicted last month. The income tax payments totaled a bit over $1.5 billion, which was over $650 million below the projection. Officials believe that was due to people having to make payments to the state when they file their tax returns waiting to make those payments until this year's May 17th deadline.
The report shows state sales tax revenues exceeded the forecast by $161 million with nearly $550 million collected. Corporate tax payments came in just under $450 million, or over $270 million higher than predicted.