Revenue receipts for the first month of the fiscal year topped July 2011 tax collections by $20 million, or 4.6 percent, on Tuesday, and corporate income taxes significantly outperformed expectations, beating the monthly estimate by 40 percent, or $4 million.
Overall revenue receipts bested estimates for July, finishing $2.7 million more than expected.
Use tax receipts were about $1 million, or 3.2 percent, more than expected, indicating that businesses are buying more equipment.
Income tax receipts held steady, almost exactly even with estimates.
“A healthy growth rate of nearly 5 percent over last July is more positive evidence that our state economy continues to strengthen,” said Revenue Secretary Nick Jordan. “Thanks to hardworking Kansas families and businesses, our state is on strong financial footing and poised for success.”