Kansas Ends Fiscal Year 2022 with Total Tax Collections Surpassing Estimate by $438.1 Million
Special to Rocking M Media
Governor Laura Kelly announced Kansas’ June total tax receipts were $918.8 million. Those collections are $20.2 million, or 2.2%, over the estimate and $64.4 million, or 7.5%, over June 2021 total tax receipts.
“In June, we brought in more money than was estimated – re-enforcing that our state’s economy is continuing its forward momentum,” said Governor Kelly. “Our efforts to be the most fiscally responsible and pro-business Administration in Kansas history has helped our state become a hub for economic growth.”
Individual income tax collections were $40.3 million, or 9.9%, below the estimate. But for a one-time significant refund paid in June, such receipts would actually have exceeded the estimate by 6.7% for the month. June corporate income tax receipts, which are comprised primarily of estimated tax payments, continue their upward trend. Corporate income tax collections were $148.1 million, or 48.1%, over the estimate and 33.2% over June 2021.
“The higher-than-expected corporate estimated payments send a strong signal that corporations anticipate greater profits in 2022,” said Secretary of Revenue Mark Burghart.
Combined retail sales and compensating use tax receipts at $303.6 million were 10.6% over the combined receipts for such taxes for June 2021. Inflation may have positively impacted such receipts, but overall consistent consumer spending also has continued during the months of May and June.
When June’s positive numbers are taken into account, Kansas will end FY 2022 with total tax revenues of $9.8 billion which exceeds the FY 2022 revised estimate by $438.1 million.
The complete June 2022 Revenue Report can be found here.