July Total Tax Receipts $13.9M More than Estimate
Joe Denoyer - August 1, 2023 12:09 pm
TOPEKA – Governor Laura Kelly announced today that total tax collections for July 2023 were $681.0 million. That is $13.9 million, or 2.1%, more than the estimate. Total tax collections are up $94.7 million, or 16.2%, from July 2022.
“We are starting this fiscal year on strong financial footing, thanks to my administration’s laser-sharp focus on attracting businesses and growing the state’s economy,” Governor Laura Kelly said. “The numbers are clear: we must put money back in the hands of working Kansans through responsible tax cuts.”
Individual income tax collections were $313.7 million. That is $3.7 million, or 1.2%, more than the estimate, and a $13.2 million, or 4.4%, growth from July 2022. Corporate income tax collections were $44.7 million. That’s $4.7 million, or 11.9%, more than the estimate and up 22.2% from July 2022.
“It is important to note that wage withholding, the largest component of the $313.7 million in individual income tax receipts, is 13.4% more than in July 2022. Kansas wage income continues to be strong as the state moves into Fiscal Year 2024,” said Secretary of Revenue Mark Burghart.
Combined retail sales and compensating use tax receipts were $315.3 million, which is $12.3 million, or 4.1%, more than the estimate and up 38.8% from July 2022.