KS Revenues Down In February

KSCB News - March 2, 2016 8:02 am

A combination of factors including lower than expected corporate,
sales and individual income taxes pulled Kansas revenue receipts below
estimates for February.

Tax receipts were $49.9 million below expectation for the month. Individual
income tax receipts were $27 million less than expected driven in part by
the state paying out $8.4 million more in refunds and bringing in $11
million less in withholding compared to February 2015. Most of the $11
million withholding shortfall came from the state’s 85 largest weekly
filers.

Corporate income taxes were down $7.7 million, and state sales tax receipts
were $12.3 million short of estimates for the month.

“After seeing several months of individual income tax growth and strong
withholding, we’ve had a decline in February, which shows that Kansas, as
many Midwestern states, is facing a downturn in the oil and gas sectors of
the economy,” said Revenue Secretary Nick Jordan.

Total tax receipts for February, reflecting money collected by the Kansas
Department of Revenue and other agencies, totaled $283 million.

Total revenue from all tax sources was $296.3 million, which is $56.7
million below estimates for the month. Agency earnings were $1.8 million
less than expected for the month and insurance premiums were $4 million
less than anticipated because payments that were expected in February were
received in March.

Total tax receipts for the fiscal year through February are, $3.6 billion
or $84.2 million below estimates. Total revenue receipts from all sources
for the fiscal year through February are $3.8 billion or $19.7 million, or
0.5 percent less than estimates.

 

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