Kansas continues to bust tax estimates 27 months straight

TOPEKA, Kan. (WIBW) – The State of Kansas has continued to bust estimated tax collections for 27 months straight with the newest October tax receipt totals.

Kansas Governor Laura Kelly introduced on Tuesday, Nov. 1, that the state’s tax receipts for October totaled $740.1 million, which is about $73.2 million or 11% greater than estimated. The additionally reveals the state collected $77.4 million or 11.7% greater than was collected in October 2021.

Gov. Kelly famous that October 2022 marks the twenty seventh month straight that the state has exceeded its estimated tax collections.

“For 4 years, my administration has labored relentlessly to assist companies develop and succeed, create high quality jobs, and get our state again on monitor,” Kelly mentioned. “We laid the groundwork for what we’re seeing now: Practically 30 months of sturdy revenues which have allowed us to responsibly reduce taxes, repay money owed, totally fund colleges, spend money on our regulation enforcement, and enhance our roads and bridges.”

Kelly indicated that particular person earnings tax collections have been $357.5 million, which is about $52.5 million – 17.2% – greater than estimated. The full additionally represents a $55.9 million – 18.6% – enhance from October 2021.

Nonetheless, Kelly additionally mentioned company earnings tax collections have been $32.5 million for the month, which is about $0.5 million – 1.6% – lower than the estimate. She additionally mentioned its about 18.9% lower than what was collected in October 2021. She mentioned receipts for the primary 4 months of the Fiscal Yr, nonetheless, are 7.6% better than the identical interval in 2021.

The Governor mentioned retail gross sales tax collections have been $251.7 million, which is about $21.7 million – 9.4% – greater than estimated. This additionally totals $24.0 million – 10.5% – greater than was collected in October 2021.

Kelly famous that compensating use tax collections totaled $70 million, which is about $2 million – 2.7% – lower than estimated. Nonetheless, the entire is about 3.6% greater than what was collected in October 2021.

The Governor mentioned the Consensus Income Estimating Group will meet on Nov. 9 to evaluate and revise the FY 2023 estimate and make its preliminary forecast for FY 2024. The CRE is made up of the Division of Income, Division of Price range, Legislative Analysis Division and economists from the College of Kansas, Kansas State College and Wichita State College.

“Every time CRE has met over the previous two years, we’ve raised our income forecasts, but Kansas continues to beat the newer, greater forecasts each single month,” mentioned Secretary of Income Mark Burghart. “We hold setting the bar greater and better and clearing it each time – an actual indication that the Kansas economic system is robust.”

To view the complete October 2022 tax receipts spreadsheet, click on HERE.

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