Kansas’ Total Revenue Receipts Outperform Estimates by $157.4 Million for June
TOPEKA - Kansas marks the end of Fiscal Year 2021 with $8.9 billion in total tax collections for the year. That is a $758.1 million, or 9.3%, growth over the estimate. For June, total tax collections were $854.4 million; $157.4 million, or 22.6%, more than the estimate. That is $110.0 million more than last June.
“Our positive June tax receipt numbers show that our efforts to rebuild our state’s economic foundation and strengthen our economy are paying off,” Governor Laura Kelly said. “As we transition into the next fiscal year, my administration will continue moving our economy forward by prioritizing pro-growth policies that will support Kansas businesses and families.”
Individual income tax collections were $372.7 million. That is $48.7 million, or 15.0%, more than the estimate and $19.6 million, or 5.5%, more than June of last fiscal year. Corporate income tax collections were $111.2 million. That is $64.2 million, or 136.5%, more than the estimate and $56.5 million, or 103.2%, more than the same month last year.
“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,” Secretary of Revenue Mark Burghart said.
June retail sales tax collections were $224.2 million, which is $24.4 million, or 12.2% more than the estimate. That is also $21.3 million, or 10.5%, more than the same month of last fiscal year. Compensating use tax collections were $50.3 million; a $10.3 million, or 25.7%, growth over the estimate. That is also $6.9 million, or 15.8%, more than last June.