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KS taxes end month above expectations

By Submitted

07/03/2024

(MSC News)--Governor Laura Kelly announced today that June's total tax collections were $1.03 billion. That is $24.1 million, or 2.4%, more than the estimate. Total tax collections are up 3.9% from June 2023.

“While the tax revenue collected for June is encouraging, we must remain committed to fiscal responsibility,” Governor Laura Kelly said. “By continuing our work to put our state on solid fiscal ground, we can ensure Kansans have the services and quality of life they deserve.”

Individual income tax collections were $452.4 million. That is $82.4 million, or 22.3% more than the estimate, and up 19.4% from June 2023. Corporate income tax collections were $193.1 million. That is $53.9 million, or 21.8% less than the estimate, and down 14.6% from June 2023.

“Individual income tax receipts exceeded the June estimate because of higher-than-expected withholding tax and individual estimated payments and the fact that fewer refunds were paid than in June 2023,” said Secretary of Revenue Mark Burghart. “Withholding tax receipts are 17.0% greater than in June 2023, and that source continues to be the State- most reliable revenue stream.”

Combined retail sales and compensating use tax receipts were $292.1 million. That is $2.2 million, or 0.7% more than the estimate, but down $11.4 million, or 3.8%, from June 2023.

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