Tax receipts for Kansas actually came in under projections last month, but they were still ahead of last November’s totals.
November tax receipts were over $642 million, about $15 million or 2.5 percent above November 2021. However, most tax categories fell short of initial projections:
*Individual income tax collections missed expectations by nearly 7 percent, although they were over 1 percent ahead of last year.
*Corporate tax collections missed estimates ob 0.6 percent and were actually almost $500,000 lower than last year
*Combined sales and compensating use taxes beat November 2021 by almost 7 percent but missed projections by nearly 3 percent.
The Consensus Revenue Estimating Group recently revised collection estimates upward by $773 million between November and this upcoming June to close out fiscal 2023. November missed the new expectations by over 5 percent.
Total year-over-year tax receipts for fiscal 2023 are currently over 5 percent ahead of fiscal 2022.
