State tax receipts up again for FebruaryScott Rothschild
Kansas tax receipts in February outperformed expectations again and one key state official, who has been continuously cautious about the uptick, on Thursday expressed some optimism.
“There is a growing sense of optimism reflected in tax receipts, but we have to be patient for April receipts to accurately identify economic growth,” Kansas Department of Revenue Secretary Sam Williams said. “Hopefully this is a sign that businesses are making investments and Kansans are buying more goods and services.”
For February, tax receipts totaled $373.1 million, which was $26.7 million above the monthly estimate, or 7.7 percent higher. February’s totals represent the ninth straight month tax collections surpassed expectations.
For the fiscal year, which started July 1, 2017, total tax receipts are $275.4 million above projections, or nearly seven percent more, and $612.7 million more than at this point last year, or 16.6 percent higher.
The windfall could help legislators as they work on school finance and other budget needs.
Some have argued that the state is experiencing some early tax receipts because of changes in federal tax law. State officials will reassess revenue projections in April.