December tax collections surpass estimatesScott Rothschild
Kansas tax collections for December exceeded estimates, but were less than December 2017, according to figures released Wednesday by the Kansas Department of Revenue.
The December total represents the last full month of tax collections before legislators convene the 2019 legislative session on Jan. 14.
Revenue figures will be at the center of discussions on school finance as legislators and the governor put together a state budget. In November, state budget experts projected the Kansas state general revenue fund will receive $306 million more in revenue during the fiscal year that ends June 30 than projected last April.
For December, state income tax and sales tax collections fell slightly below monthly estimates (2.8 percent and .74 percent respectively), but corporate income taxes were significantly more (48.1 percent) than projected. Corporate tax collections sometime fluctuate greatly.
Total tax receipts for December were $687 million, which was $10.6 million, or 1.57 percent more than the earlier estimate. December’s total, however, fell $24 million below December 2017’s total of $711 million in collected taxes.