TOPEKA , Kan (WIBW) – Kansas revenue receipts for three key economic indicators released Friday beat projections for January and may mean that Kansas’ economy is growing.
Corporate income tax receipts finished the month 225 percent higher than expected, or $11.2 million, while use tax receipts ended $5.7 million, or 16 percent above estimates and individual income tax receipts were $4.5 million more than expected.
However, state sales tax receipts missed projections by $5 million, or 2.6 percent, indicating a weaker than expected Christmas shopping season in December.
January tax receipts were $16.8 more than expected, so far putting Kansas $21.1 million above estimates for fiscal year 2014.
“Corporate income, individual income and use tax receipts point to an economy where businesses are growing, purchasing equipment and creating jobs at a healthy rate,” said Revenue Secretary Nick Jordan.