State sees total tax collection growth over April Consensus Revenue Estimates
Joe Denoyer - June 1, 2020 12:09 pm
TOPEKA –The State of Kansas saw total tax collections for May Fiscal Year 2020 at $448.7 million; 6.6% or $27.8 million above the estimate. That is down 20.3% or $114.4 million compared to the same month last fiscal year.
Individual income tax collections were up $5.9 million or 2.8% compared to the estimate with $215.9 million collected. That is 22.3% or $62.0 million less than last May. The increase from the estimate can be attributed to reduced bond payments from withholding and an extra payroll period for the semi-monthly withholding tax filings. Corporate income tax collection receipts were down 167.9% or $8.4 million from the estimate at negative $3.4 million. This is due to the state processing more refunds than it received in corporate income tax collections. When compared to the same month last fiscal year, those collections are down $14.4 million.
Retail sales tax collections were $18.9 million or 12.2% more than estimated with $173.9 million collected. Compared to May of last fiscal year, collections are down $27.3 million or 13.6%. Compensating use tax collections are 25.5% or $7.7 million more than expected at $37.7 million. When looking at last year’s numbers, these collections are $1.2 million or 3.2% more than May of last fiscal year. This can be attributed to the increased registration of online retailers to collect and remit Kansas taxes. On average, the state is seeing 300 new registrations per month.