State continues seeing growth in total tax receipts
TOPEKA - The Kansas Department of Revenue is seeing consistent growth in total tax receipts as it goes into the second half of Fiscal Year 2020. The state saw $756.6 million in total tax collections for December; 5.4% or $38.6 million above the estimate. These collections are 10.1% or $69.7 million more than December FY19.
Individual income tax collections are $316.1 million; 3.3% or $10.1 million more than estimated. The largest growth compared to the estimate came from corporate income taxes at $90.7 million; 31.5% or $21.7 million more than estimated.
Corporate income tax collections are 30.3% or $21.1 million more than the same month last fiscal year.
Retail sales tax collections were $200.9 million; 0.5% or $944,000 more than estimated. Compensating use tax collections were 2.1% or $794,100 more than estimated at $38.8 million; $821,400 more than the same month in fiscal year 2019.