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Year-end tax receipts finish $1.2 billion higher than previous year

Year-end tax receipts finish $1.2 billion higher than previous year KDOR courtesy image

The state of Kansas saw year-end revenues come in $1.21 billion above last year and $317.8 million over fiscal year predictions.

The latest revenue report, issued Monday says year-end tax receipts were boosted by a more than 20 percent increase in June collections, with slightly over $133 million over last year, which was $143.8 million more than expected for the month.

Revenue Secretary Sam Williams expressed optimism in the report, saying the increase in sales tax collections "shows more retail spending precipitated by wage gains from the federal tax cuts passed into law six months ago."

The state collected an extra $55.8 million more than last year. For the month, sales tax collections were $6.98 million more than last June, over $10 million more than expectations for the month.

Individual income tax also is strong, with fiscal year collections more than $229 million above predictions for the year and $1.07 billion above last year. For the month, those numbers were slightly over $114 million higher than last June's receipts.

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Last modified on Monday, 02 July 2018 17:21