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KS tax collections fall below estimate

By Brian Hagen

01/02/2024

(MSC News)--The State of Kansas ends December 2023 with total tax collections at $1.043 billion. That is $36.9 million, or 3.4%, below the estimate. Total tax collections are down 3.8% from December 2022.

Individual income tax collections were $397.1 million. That is $17.1 million, or 4.5%, above the estimate, and up 5.9% from December 2022. Corporate income tax collections were $235.7 million. That is $39.3 million, or 14.3%, below the estimate and down 16.1% from December 2022.

“Withholding tax, the largest component of the individual income tax receipts, was 9.2% greater than December 2022”, said Secretary of Revenue Mark Burghart. “This comes as no real surprise as the growth is entirely consistent with recent findings of the Bureau of Economic Analysis, which showed that personal income and earnings in Kansas grew during the second and third quarters of 2023 at some of the highest rates in the country.”

Secretary Burghart further observed that the corporate income tax receipts were lower than expected because there was one less deposit day this December compared to December 2022. Nearly $34.4 million was deposited on that additional day in December 2022.

Combined retail sales and compensating use tax receipts were $302.4 million, which is $5.6 million, or 1.8%, below the estimate and down $4.9 million, or 1.6%, from December 2022.

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