Governor Laura Kelly today announced that October continued the trend of Kansas’ total tax collections being more than the estimate as total tax collections were $662.7 million for the month. That is 18.7%, or $104.2 million, more than the estimate. That is also $66.1 million, or 11.1%, more than the same month of last year.
“As I’ve said before, though our state’s revenue numbers continue to out-pace estimates, we must keep practicing fiscal responsibility,” Governor Kelly said. “That’s how we’ll continue to grow our economy and protect our fiscal health.”
Individual income tax collections were $301.6 million which is $46.6 million, or 18.3%, more than the estimate. That is $17.9 million, or 6.3%, more than October 2020. Corporate income tax collections were $40.0 million for the month. That is $25.0 million, or 166.8%, more than the estimate and $13.9 million, or 53.3%, more than the same month of last year.
Retail sales tax collections were $227.7 million, which is 8.4%, or $17.7 million, more than the estimate. Those collections are $16.7 million, or 7.9%, more than last October. Compensating use tax collections were $67.6 million which is $12.6 million, or 22.9%, more than the estimate. That is a growth of $16.9 million, or 33.3%, over the same month of 2020.
“The difficult steps taken early on in the COVID-19 pandemic have helped the state’s economy not only rebound quicker than expected but has also moved the state towards a sustainable and healthy economic future,” Secretary of Revenue Mark Burghart said.
The last time the state had tax collections below the monthly estimate was July 2020.
The Consensus Revenue Estimating Group, comprised of the Department of Revenue, Division of Budget, Legislative Research Department, and economists from the University of Kansas, Kansas State University, and Wichita State University, will meet November 10.
View October tax receipts here.https://governor.kansas.gov/wp-content/uploads/2021/11/04_October_Revenue_FY2022_11-01-2021_Final.pdf
Source: https://governor.kansas.gov/governor-laura-kelly-announces-kansas-october-total-tax-receipts/
