April Filing Deadline Payments Boost May Receipts
Joe Denoyer - June 1, 2018 11:48 am
TOPEKA—May tax receipts bring collections so far in FY 2018 to $6.3 billion, which is $1.1 billion more than collected last year and $174 million more than expected fiscal year-to-date, according to the latest revenue report released Friday.
Individual income collections, which includes individual payments and withholding, amounted to $271.1 million, which is $113.2 million above last May. Some income tax payments made at the April filing deadline were processed by the Department at the beginning of the month, which significantly pushed May receipts above newly revised expectations.
“With one month left, there is a strong indication that collections will be above expectations for the Fiscal Year,” Revenue Secretary Sam Williams said. “With the inundation of payments submitted right at the deadline, much of the May bump can be attributed to April filings.”
May’s tax collections total $555.4 million, which is $114.1 million above last May and $107.9 million above newly revised expectations.