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KS July tax collections exceed expectations

By Brian Hagen

08/01/2022

(KAIR)--July’s total tax receipts exceed estimates by $127.6 million.

That’s according to a release from the office of Kansas Governor Laura Kelly, which says the state collected $586.2 million in July.

Kelly, in the release, notes that “July marks the 24th month in a row that Kansas tax receipts have surpassed expectations,” saying that “represents more money [that Kansas] can use to continue fully funding” schools, improving roads, investing in law enforcement, and expanding healthcare.

Individual income tax receipts were $300.5 million, or 15.6%, over the $260.0 million estimate. Corporate income tax collections were $36.6 million, or 66.4%, over the estimate. Higher-than-expected corporate tax receipts reflect continued optimism that corporate profits will remain stable in the new fiscal year.

A comparison of July’s receipts to those of July of 2021 is not meaningful because a statutory change during the 2022 Legislative Session had the effect of deferring the collection of certain sales and use tax receipts from July to August beginning this fiscal year.

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