October Total Tax Receipts Exceed Estimates
Joe Denoyer - November 1, 2021 4:20 pm
Governor Laura Kelly today announced that October continued the trend of Kansas’ total tax collections being more than the estimate as total tax collections were $662.7 million for the month. That is 18.7%, or $104.2 million, more than the estimate. That is also $66.1 million, or 11.1%, more than the same month of last year.
“As I’ve said before, though our state’s revenue numbers continue to out-pace estimates, we must keep practicing fiscal responsibility,” Governor Kelly said. “That’s how we’ll continue to grow our economy and protect our fiscal health.”
Individual income tax collections were $301.6 million which is $46.6 million, or 18.3%, more than the estimate. That is $17.9 million, or 6.3%, more than October 2020. Corporate income tax collections were $40.0 million for the month. That is $25.0 million, or 166.8%, more than the estimate and $13.9 million, or 53.3%, more than the same month of last year.
Retail sales tax collections were $227.7 million, which is 8.4%, or $17.7 million, more than the estimate. Those collections are $16.7 million, or 7.9%, more than last October. Compensating use tax collections were $67.6 million which is $12.6 million, or 22.9%, more than the estimate. That is a growth of $16.9 million, or 33.3%, over the same month of 2020.
“The difficult steps taken early on in the COVID-19 pandemic have helped the state’s economy not only rebound quicker than expected but has also moved the state towards a sustainable and healthy economic future,” Secretary of Revenue Mark Burghart said.
The last time the state had tax collections below the monthly estimate was July 2020.