February 6, 2016

State tax receipts fall short of expectations

Three months into fiscal year 2014, Kansas revenue receipts continue to track closely with estimates used to develop the state’s budget.
While corporate income tax receipts posted a shortfall for the first time in more than a year, missing the mark by 17 percent, or $13.6 million, sales and use tax receipts both beat estimates by $2.6 million and $2.3 million respectively. Individual income tax receipts were less than 1 percent off estimates.
“We believe that all of these numbers show that Kansas businesses are investing and citizens are spending more money,” said Revenue Secretary Nick Jordan.
Monthly revenues for September were slightly off projections falling short by 2 percent.

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