State’s October total tax receipts are $36.8 million ahead of estimates
TOPEKA - For the month of October, the state saw an increase in its total tax collections at $552.9 million; 7.1% or $36.8 million ahead of estimates. These collections amount to $41.5 million more than October of Fiscal Year 2019.
Individual and corporate income tax collections continued to be more than estimated. Individual income tax collections were $15.0 million ahead of the estimate at $260.0 million; $17.8 million ahead of the same month last fiscal year. Corporate income tax collections were at $26.2 million; $6.2 million more than the estimate and $6.7 million more than collected in October of FY2019.
Retail and compensating use tax collections were also ahead of the estimate. Retail sales tax collections were at $200.8 million; $8.8 million or 4.6% ahead of the estimate. These collections were $10.4 million more than the same month of Fiscal Year 2019. Compensating use tax collections came in $7.7 million or 22.6% ahead of estimates at $41.7 million; a $7.2 million increase from October of FY2019.
“The increase the state is seeing in compensating use tax collections could be, in part, due to the recent increase in the number of registrations by out-of-state retailers,” Secretary Mark Burghart said.
“As we saw in September, the latest report is a positive sign as we slowly recover from the failed Brownback-Colyer tax experiment,” Governor Laura Kelly said. “Still, we’re mindful of the need to remain cautious and show fiscal restraint as we continue to rebuild the state and strengthen the economy.”