State’s November total tax receipts just ahead of estimates; $33.9 million above November FY19
TOPEKA - The state saw November’s total tax collections come in at $533.8 million, 2.3% or $12.2 million more than estimated. This is an increase of $33.9 million or 6.8% compared to November of Fiscal Year 2019.
Individual income tax collections were $252.5 million, $2.2 million or 0.9% more than the estimate. These collections are 7.4% ahead of the same month in FY19. Corporate income tax collections were $674,400 below the estimate at $10.5 million. These collections were $4.2 million or 65.8% more than the same period from last fiscal year.
Retail and compensating use tax collections were ahead of the estimate. Retail sales tax collections were $201.5 million, $6.5 million ahead of the estimate. Compensating use tax collections were $550,000 or 1.3% more than estimated at $41.3 million.
"We are on target with our estimates and are encouraged by what we are seeing when compared to last fiscal year," Secretary Mark Burghart said. "As we enter the holiday season, we expect the retail sales and compensating use collections numbers to increase."