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January Total Tax Collections at $928.6M; 6.5% Below Estimate

Joe Denoyer - February 1, 2024 3:28 pm

TOPEKA – The State of Kansas ends January 2024 with total tax collections at $928.6 million. That is $64.1 million, or 6.5%, below the estimate. Total tax collections are down 11.3% from January 2023.

“Coming short of the estimates for the third month in a row emphasizes that tax cuts must be done in a fiscally responsible way,” Governor Laura Kelly said. “The bipartisan tax package that I’ve proposed to the legislature provides substantive and direct tax relief to all Kansans – without putting at risk our overall economy.”

Governor Kelly’s bipartisan tax plan was introduced in the Kansas House and Senate last month.

Individual income tax collections were $475.9 million. That is $19.1 million, or 3.9%, below the estimate, and down 3.9% from January 2023. Corporate income tax collections were $89.8 million. That is $25.2 million, or 21.9%, below the estimate and down 45.9% from January 2023.

Combined retail sales and compensating use tax receipts were $344.3 million, which is $18.7 million, or 5.1%, below the estimate and down $16.9 million, or 4.7%, from January 2023.

 

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