State tax revenue eclipses Kansas projections by $758 million in past fiscal year
Corporate, individual income tax receipts soar above estimates
The Kansas Department of Revenue reported the state of Kansas took in $758 million more in state tax revenue than anticipated in the fiscal year stretching from July 1, 2020, to June 30. (Tim Carpenter/Kansas Reflector)
TOPEKA — The state of Kansas closed out June with unexpectedly strong corporate and personal income tax as well as sales tax collections to push revenue during the past fiscal year $758 million beyond receipts anticipated by analysts, the governor said Friday.
Gov. Laura Kelly, a Democrat seeking re-election in 2022, said the June report affirmed work to strengthen the state’s economy was paying off.
“As we transition into the next fiscal year,” Kelly said, “my administration will continue moving our economy forward by prioritizing pro-growth policies that will support Kansas businesses and families.”
The Kansas Department of Revenue said the state took in $8.9 billion during the fiscal year running from July 1, 2020, to June 30. The total was $758.1 million, or 9.3%, greater than projected by a panel of revenue forecasters.
The monthly report for June showed the state gathering $854 million in tax revenue, which was $157 million or 22% more than the estimate. The total surpassed the June 2020 total by $110 million.
Kansas received $372 million in individual income taxes during June. That was $48 million or 15% greater than anticipated and nearly $20 million more than in June 2020. Corporate income tax collections came in at $111 million for June, a total that was $64 million or 136% more than the monthly projection. It also was 103% greater than the amount of corporate income tax collected in June 2020.
“The strong performances from both individual and corporate estimated tax would suggest that perhaps the capital gains from the stock market activity for individuals, and overall corporate profits continue to far exceed expectations,” said Mark Burghart, secretary of the state Department of Revenue.
In June, Kansas retail sales tax collections totaled $224 million, a figure that was $24 million or 12% beyond the monthly estimate. In June 2020, Kansas received $21 million or 10.5% less in sales tax revenue.
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