Kansas tax collections continue to bust estimates with $586.2 million collected
TOPEKA, Kan. (WIBW) - Tax collections continue to bust estimates in Kansas with $586.2 million collected in July 2022.
On Monday, Aug. 1, Kansas Governor Laura Kelly says the state’s July tax receipt totals exceeded the estimate by $127.6 million with $586.2 million collected.
“Due to my administration’s record-setting economic development successes over the last three and a half years, July marks the 24th month in a row that Kansas tax receipts have surpassed expectations,” Gov. Kelly said. “That represents more money our state can use to continue fully funding our schools, improving our roads, investing in law enforcement, and expanding health care.”
Kelly said individual income tax receipts collected $300.5 million - 15.6% - more than the $260 million estimate. She said corporate income tax collections were $36.6 million - 66.4% - more than estimated.
The Governor noted that higher-than-expected corporate tax receipts continue to show optimism that corporate profits will remain stable throughout the new fiscal year.
Kelly indicated that a comparison of July’s receipts to those of 2021 is not meaningful as a statutory change during the 2022 Legislative Session deferred the collection of certain sales and use tax receipts from July to August beginning the fiscal year.
Kelly also said retail sales tax collections were $174.2 million - 39.4% - more than estimated and compensating use tax collections were $21 million - 65.7% - over the estimate. She said actual receipts for the two types were less than July 2021 due to a change in timing for remittances by large retailers which resulted from the passage of 2022 H.B. 2136.
To view the complete July 2022 Revenue Report, click HERE.
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