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Archive for Tuesday, January 31, 2012

State revenues for January down from 2011

January 31, 2012

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— State revenues for the month of January fell 5 percent, or $30.6 million below projections, officials reported Tuesday.

Kansas Department of Revenue Secretary Nick Jordan said the decrease was due to more Kansans filing tax returns early to get their refunds.

“Kansans are filing earlier this year and the department has seen a 25 percent increase in people filing their taxes electronically,” Jordan said. “Due to these factors, many people are getting their refunds earlier than they have in previous years.”

When people file electronically and have the refund deposited directly into their bank accounts, they will receive their money within a week instead of having to wait several weeks for a paper tax return and paper check to arrive in the mail.

But even with the less-than-expected revenue for January, Kansas is still on target to meet revenue estimates for the year, and revenue is 6.2 percent, or $200.5 million, more than one year ago, officials said.

Comments

toe 2 years, 2 months ago

Those sales taxes have been a very good reminder to avoid buying new.

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Roland Gunslinger 2 years, 2 months ago

People are filing early because they have seen in the past the state holding onto refunds when that account was low. Of course the GOP lead legislature refused to allow a transfer from other state funds to pay back those who were due their own money.

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