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KS tax collections fall short of estimates

By Brian Hagen

06/03/2024

(MSC News)--The State of Kansas ended May with total tax collections at $658.9 million. That is $193.0 million, or 22.7%, below the estimate. Total tax collections are down 23.1% from May 2023.

“The expected shortfall in May individual income tax collections can be largely attributed to the two additional processing days in April.” Secretary of Revenue Mark Burghart said. “Combined with more efficient payment processing, the Department of Revenue was able to process significantly more payments in April which would have typically been processed in May.”

Individual income tax collections were $305.2 million. That is $144.8 million, or 32.2% below the estimate, and down 30.6% from May 2023. Corporate income tax collections were $39.8 million. That is $53.2 million, or 57.2% below the estimate and down 56.3% from May 2023.

Combined retail sales and compensating use tax receipts were $281.9 million, which is $4.2 million, or 1.5% above the estimate, and down $7.7 million, or 2.7%, from May 2023.

Total tax collections for FY 2024 through May are $8.977 billion which is $92.0 million or 1.0% below the estimate.

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