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Archive for Wednesday, June 1, 2011

State tax revenue beats May forecast

June 1, 2011

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— Kansas revenue officials say the state collected nearly $47 million more in taxes than expected last month.

The Kansas Department of Revenue said Tuesday the May total was $445 million, compared with about a forecast of $398 million.

For the first 11 months of the current fiscal year, the state’s tax collections total more than $5 billion. That’s about $59 million more than the forecast on which the state budget was built.

Individual income taxes accounted for May’s biggest increase, topping expectations by nearly $60 million. For the year, individual income taxes are more than $94 million ahead of estimates.

Revenue Secretary Nick Jordan says the new report indicates the Kansas economy is expanding and the state’s business environment is attracting more activity.

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