State Takes More Money Than Estimated
The state of Kansas says that they took in far more money than they thought they would the month before.
Total tax collections for May were $910.1 million – $239.5 million, or 35.7%, higher than the estimate for the month.
Individual income tax collections were $518.4 million.
That is $198.4 million, or 62.0%, above the estimate.
Corporate income tax collections were $51.4 million, which was $33.4 million, or 185.6%, more than the estimate.
Retail sales tax collections were $240.8 million – $13.8 million, or 6.1%, over the estimate.
Compensating use tax collections were $64.8 million, which is $2.2 million below the estimate but 19.1% greater than May 2021.
For all of fiscal year 2022, total tax receipts are 5.7% more than was estimated, as the state has taken in just under 7.75 billion dollars.