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Income Tax Receipts Up In Kansas For January

KSCB News - February 1, 2016 4:03 pm

Kansas collected $8.2 million more than expected in individual
income tax receipts for January $18.7 million more than what was
collected during the month in 2014.
Corporate income and sales tax receipts fell below expectations by $8.2
million and $3.9 million respectively pulling the monthly total in Kansas
Department of Revenue Tax Collections to $6.8 million less than estimates.

We are pleased to see individual income tax receipts continuing to grow
compared to last year, said Revenue Secretary Nick Jordan. Corporate
income taxes which have not had a rate change and sales tax receipts
continue to struggle in part because of weaker aviation, oil and
agriculture sectors.

Total tax receipts for January, reflecting money collected by the Kansas
Department of Revenue and other agencies, totaled $535 million, which is
$6.8 million less than estimates.

Total revenue from all tax sources was $546 million, which is $5.8 million
below estimates for the month. Insurance premiums were $47,000 more than
estimates for the month.

Total tax receipts for the fiscal year through January are, $3.4 billion or
$26 million below estimates. Total revenue from all sources for the fiscal
year through January are $3.5 billion or $37 million more than estimates.

 

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