Smart TaxesSmart Taxes

States waiting for your money, too

Most state tax returns are due April 17, but a few states have later deadlines. States collected 9.8% more in individual income taxes last year and 9.4% more in corporate income taxes.

By MSN Money Partner Apr 13, 2012 4:09PM

This post is by Kay Bell at Bankrate.com.

 

Americans must get their federal income tax return, or an extension to file, to the Internal Revenue Service by Tuesday, April 17.

 

But it's also the deadline for most taxpayers who owe taxes to their state tax collectors. Of the 43 states that impose some sort of income tax -- usually on wages, but New Hampshire and Tennessee exempt wage income and instead tax some portion of investment earnings -- 38 states and the District of Columbia follow the federal tax due date.

 

That means filers in those states must get their state (and in some cases, local) tax returns completed by April 17, too.

 

State taxpayers apparently are doing a good job of meeting their filing obligations.

 

Overall state government tax collections increased $62.1 billion, totaling $763.7 billion in fiscal year 2011, according to the U.S. Census Bureau. (Post continues below video.)

The largest increase was from individual income taxes, where state tax revenue last fiscal year was at $259.1 billion, up 9.8%. Corporate net income tax revenue was a close second, in terms of percentage increase, with a $40.2 billion increase, or 9.4% increase.

 

General sales tax revenue brought in $240.9 billion, an increase of 8.2%.

 

"The nationwide increases in state government tax revenue are an indication of the stabilization of revenues for state governments," said Lisa Blumerman, chief of the Census Bureau's Governments Division, in a statement in conjunction with the release of the data in the agency's 2011 Annual Survey of State Government Tax Collections. "These data help us understand the condition of our state governments and their fiscal ability to continue to provide public services."

 

All 50 states saw an increase in total tax revenue in fiscal year 2011.

 

North Dakota led the increase in total tax revenue, followed by Alaska, California and Illinois.

 

States with the largest percent increase in revenue from individual income taxes were North Dakota, Illinois, Arizona and Indiana.

 

Later filing dates: Here are the states that don't use the IRS filing deadline: Hawaii tax returns are due April 20. Delaware and Iowa residents must file by April 30. Virginia taxes are due May 1. Louisiana taxpayers get until May 15 to file their returns.


More from Bankrate.com and MSN Money:

 

VIDEO ON MSN MONEY

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.