Archive for Thursday, July 21, 2005

Kansas business activity on the rise, governor says

July 21, 2005

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— Bouyed by expanded business activity, the Kansas economy is showing solid growth, state officials said Wednesday.

"The good news for Kansas is we have a recovering economy," Gov. Kathleen Sebelius said. "We've had 15 straight months of job growth. Even our updated estimates are being exceeded."

In closing the books on fiscal year 2005, which ended June 30, the state showed significant increases in corporate and individual state income tax payments, officials said. All exceeded previous estimates.

Total tax revenue to the state increased from $4.51 billion in fiscal year 2004 to $4.84 billion in fiscal year 2005, an increase of approximately 7 percent.

"The growth in individual and especially corporate income tax receipts reflects continued strong growth in the Kansas economy," an analysis by the Kansas Legislature Research Department said. "These positive indicators in estimated and withholding payments are key to an expanding state economy."

Corporate tax payments in fiscal 2005 were $226.1 million, compared with $141.2 million collected in 2004.

Individual income tax payments were $2.1 billion compared with fiscal 2004 payments of $1.9 billion.

Retail sales taxes of $1.6 billion were slightly ahead of fiscal year 2004. The final tally for fiscal year 2005 brought $47.5 million more than an adjusted estimate that was made just two weeks earlier, on June 14.

And that was on top of an $86 million increase that was adjusted last month, officials said.

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