February total tax collections $63.6 million above estimate; 17.4% above last fiscal year
Collections of delinquent taxes plays part in increased revenues
TOPEKA - The State’s February total tax collections came into the Kansas Department of Revenue at $448.3 million; $63.6 million more than estimated. These collections are $66.4 million or 17.4% more than February of FY 2019.
Individual income taxes saw a $30.5 million increase from the estimate with the collection of $171.5 million; 27.4% more than last February. Corporate income tax collections were 10.1% above the estimate at $7.2 million; an increase of $3.2 million compared to February FY 2019.
Revenues from delinquent tax collections, included in February receipts, have also increased substantially this fiscal year. Debt collections through January from past tax years are up 16.8% over the previous fiscal year, $113.1 million compared to $96.8 million. Individual income and withholding represent about 52.7% of total delinquent collections and Sales and Use taxes represent about 40.3%.
Retail sales tax collections were $2.9 million or 1.6% more than estimated at $177.9 million. This is an increase of 5.3% over FY 2019. Compensating use tax collections saw a 17.0% increase compared to last fiscal year with collections coming in at $38.9 million.