Kansas collects $918.8 million in June taxes
On track to collect $9.8 billion by end of fiscal year
TOPEKA, Kan. (WIBW) - The State of Kansas collected about $918.8 million in taxes in June, which puts the state on track to reach a total tax revenue of $9.8 billion by the end of the fiscal year.
Kansas Governor Laura Kelly says in a release that the Sunflower State’s total tax receipts for the month of June collected about $918.8 million. She said the collections are $20.2 million - 2.2% - over the estimate and $64.4 million - 7.5% - more than the June 2021 totals.
“In June, we brought in more money than was estimated – re-enforcing that our state’s economy is continuing its forward momentum,” Gov. Kelly said. “Our efforts to be the most fiscally responsible and pro-business Administration in Kansas history has helped our state become a hub for economic growth.”
Kelly noted that individual income tax collections were about $40.3 million - 9.9% - lower than the estimate. However, she said for a single-time significant refund paid in June, those receipts would actually have exceeded the estimate by 6.7% for the month.
The Governor said June’s corporate income tax receipts, which are mostly made up of estimated tax payments, continue the upward trend. She also said corporate income tax collections were $148.1 million - 48.1% - over the estimate and 33.2% more than what was collected in June 2021.
“The higher-than-expected corporate estimated payments send a strong signal that corporations anticipate greater profits in 2022,” said Secretary of Revenue Mark Burghart.
Kelly said the combined retail sales and compensating use tax receipts collected $303.6 million which was about 10.6% more than the combined receipts for such taxes in June 2021. She said inflation may have positively impacted this area, however, overall consistent consumer spending has also continued during the months of May and June.
The Governor indicated that when June’s positive numbers are taken into account, the state will end Fiscal Year 2022 with total tax revenues of $9.8 billion which exceeds the revised estimate of $438.1 million.
To see the complete June 2022 Revenue Report, click HERE.
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