Kansas Total Revenue Surpasses June Estimates By $ 157.4 Million
Kansas marks the end of fiscal 2021 with $ 8.9 billion in total tax revenue for the year. This is a growth of $ 758.1 million, or 9.3%, from the estimate. For June, total tax revenue was $ 854.4 million; $ 157.4 million, or 22.6%, more than estimated. This is $ 110.0 million more than last June.
“Our positive figures on the June tax receipts show that our efforts to rebuild the economic foundations of our state and strengthen our economy are bearing fruit,” Governor Laura Kelly said. “As we move into the next fiscal year, my administration will continue to move our economy forward by prioritizing pro-growth policies that will support Kansas businesses and families.”
Personal income tax collections amounted to $ 372.7 million. This is $ 48.7 million, or 15.0%, more than the estimate and $ 19.6 million, or 5.5%, more than in June of the previous year. Corporate income tax collections reached $ 111.2 million. That’s $ 64.2 million, or 136.5%, more than the estimate and $ 56.5 million, or 103.2%, more than the same month last year.
“The strong performance of the estimated personal and corporate tax suggests that capital gains from stock market activity for individuals and overall corporate profits may continue to far exceed expectations.” Revenue Secretary Mark Burghart mentionned.
Retail sales tax collections in June were $ 224.2 million, or $ 24.4 million, or 12.2% higher than the estimate. It is also $ 21.3 million, or 10.5%, more than the same month last year. Compensatory use tax collections were $ 50.3 million; an increase of $ 10.3 million, or 25.7%, from the estimate. It is also $ 6.9 million, or 15.8%, more than last June.
Check out the revenue figures here.