State Brings In Millions More Than Anticipated
Kansas July tax receipts were much higher than predicted again last month.
In total, Kansas saw its total tax receipts for July exceed the estimate by $127.6 million, with $586.2 million collected.
Individual income tax receipts were $300.5 million, or 15.6%, over the $260.0 million estimate.
Corporate income tax collections were $36.6 million, or 66.4%, over the estimate.
A comparison of July’s receipts to those of July of last year is not meaningful, because a statutory change during the 2022 Legislative Session had the effect of deferring the collection of certain sales and use tax receipts from July to August beginning this fiscal year.
Retail sales tax collections were $174.2 million, or 39.4%, over the estimate.
Compensating use tax collections were $21.0 million, or 65.7%, over the estimate with $53.0 million collected.