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February tax receipts do better than expected

Good news, worrisome news in the state's latest income tax receipt report.

 

The good news: tax revenues were almost $101 million higher than expected. Emporia Sen. Jeff Longbine says this could help lawmakers set direction on funding different education goals.

The worrisome news: around $50 million of the increase was due to higher-than-expected tax withholding revenue. Emporia Rep. Don Hill is worried this may not last much past tax season, and he's worried the state's ongoing push to no income taxes will shrink tax receipts even further down the road.

Fellow Rep. Peggy Mast of Emporia says lawmakers have to watch the revenues closely, in part because of pending federal decisions which could impact state governments.

With February's totals, the fiscal 2014 figures are over $118 million ahead of projections. Corporate income tax revenues were strong for the third straight month, according to the Kansas Department of Revenue -- beating expectations by almost $5 million.

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