State revenue projections improve with latest report

Anticipated revenues are being revised up for the state.

Interim Budget Director Jon Hummell says the overall revenue estimates for this current fiscal year and the next one starting in July are going up a combined $178 million, with over $100 million coming before the current fiscal ends.

At the same time, revenues will be about $380 million lower than 2013 revenues if they meet the revised expectations. Emporia Rep. Don Hill is worried about the long-term effects of lower income tax receipts after those taxes were cut two years ago.

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Fellow Rep. Peggy Mast says the economy is turning around after the income tax cuts. Sen. Jeff Longbine has been unavailable for comment.

The Legislative Research Department says those revenues will be down almost 14 percent for the rest of this fiscal year before staying flat in fiscal 2015. It predicts overall revenues to stay flat through June and then tick up half a percent for fiscal '15.

Corporate tax income has largely offset the individual income tax shortfall, with projected increases of 10 percent for the current fiscal year.

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