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February Total Tax Collections at $521.4M; 6.0% Below Estimate

Joe Denoyer - March 4, 2024 12:57 pm

TOPEKA – The State of Kansas ends February 2024 with total tax collections at $521.4 million. That is $33.1 million, or 6.0%, below the estimate. Total tax collections are down 5.2% from February 2023.

“Falling short of estimates for the fourth consecutive month reiterates that Kansas must pass a tax cut plan that is sustainable and fiscally responsible,” Governor Laura Kelly said. “That’s why I have proposed a bipartisan tax cut package that would benefit all Kansans without jeopardizing our long-term economic growth or ability to continue fully funding essential services.”

Individual income tax collections were $173.6 million. That is $46.4 million, or 21.1%, below the estimate, and down 17.9% from February 2023. Corporate income tax collections were $21.1 million. That is $5.1 million, or 31.6%, above the estimate and up 37.5% from February 2023.

Combined retail sales and compensating use tax receipts were $252.6 million, which is $10.4 million, or 4.0%, below the estimate and down $15.4 million, or 5.7%, from February 2023.

 

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