Overall state tax revenues exceeded expectations — again.
February’s total receipts were almost $550 million, beating the monthly estimate by nearly $27 million or over 7 percent and coming in over 9 percent higher than February 2022.
Individual income tax collections beat estimates by over 3 percent and February 2022 intake by over 15 percent. Corporate income was 2.2 percent more than estimates but almost 35 percent lower than February 2022. Retail sales tax collections beat estimates and February 2022 numbers, while compenstaing use tax collections were lower than estimated but higher than last year.
Kansas Governor Laura Kelly says revenues have been above projections for 30 of the last 31 months. She says the now-longstanding trend led S&P Global to upgrade the state’s credit outlook from stable to positive earlier this week with a potential credit rating upgrade to follow. Separately, the governor says Kansas brought in the most private business investment per capita of any state in the country last year, winning the Governor’s Cup from Site Selection magazine for the second straight year in a row as a result.
