Kansas reports tax revenue above expectations for 24th consecutive month
TOPEKA — Kansas brought in $127.6 million more in tax receipts than expected in July, for an estimated total of about $586 million collected.
Gov. Laura Kelly touted the 24th consecutive month during which Kansas topped expectations as an example of the state’s economic successes.
“That represents more money our state can use to continue fully funding our schools, improving our roads, investing in law enforcement, and expanding health care,” she said.
The revenue report indicated higher-than-expected corporate tax receipts, reflecting optimism that corporate profits will remain stable, Kelly said. Corporate income tax collections were $36.6 million, or 66.4%, over the estimate.
Tax collections for individual income tax were $300.5 million, 15.6% more than expected, and retail sales tax receipts were $174.2 million. Compensating use tax collections were $53 million.