September tax revenues come in $57M over estimates
Topeka ? The state of Kansas enjoyed a prosperous month in September as total tax revenues came in $57.3 million higher than expected, the Kansas Department of Revenue said Monday.
The biggest contributor to the growth came from individual income taxes, which totaled $270.5 million in September, which was $35.5 million, or 15 percent, higher than forecasters had expected.
Kansas lawmakers enacted sweeping increases in state income taxes this year, repealing many of the controversial tax cuts that Republican Gov. Sam Brownback had championed in 2012.
During the first quarter of the new fiscal year, individual income taxes have come in $103 million higher than at the same time last year. State budget officials have estimated that the tax changes would generate $591 million in new revenue this year, but they have also said the state probably won’t see the full impact of the tax changes until the April 15 tax filing deadline.
Meanwhile, corporate income taxes came in $11.2 million higher than expected in September, while retail sales taxes beat estimates by $8 million.
“We are going to continue watching and analyzing the trends of revenue receipts in the coming months,” Revenue Secretary Sam Williams said in a news release. “I’m pleased to see continued strength in sales tax and corporate income tax revenue.”
Total tax revenues have come in $73 million higher than estimated so far this fiscal year, and $142.8 million higher than the first fiscal quarter of 2016.