State’s September tax collections are $43.2 million ahead of estimates
TOPEKA - The state’s total tax collections for September showed the continued trend upward at $744.1 million; 6.2% or $43.2 million above the estimate. These collections are $48.2 million more than September of Fiscal Year 2019.
Retail sales tax collections are $200.5 million; $2.5 million or 1.3% more than the estimate. Those collections are $3.4 million more than the same month in Fiscal Year 2019. Compensating use tax collections are $36.9 million; $1.9 million or 5.5% more than the estimate. That’s $1.4 million more than September of Fiscal Year 2019.
Individual and corporate income tax collections are above estimates. Individual income tax collections are $375.1 million; 5.7% or $20.1 million more than estimated. Corporate income tax collections are 23.7% or $19.0 million more than $80.0 million estimate.
“This is an encouraging end to the first quarter of the fiscal year,” Secretary Mark Burghart said. “We are seeing the increase in revenue in large part due to increases in regular and estimated individual and corporate income tax collections.”
“This is a positive sign as we slowly recover from the Brownback-Colyer tax experiment. However, with economic uncertainty ahead in a possible recession, we must remain cautious and continue to show fiscal restraint,” Governor Laura Kelly said.