Tax receipts in May were above projections but below last year’s numbers for the state.
Kansas Governor Laura Kelly says total tax collections, over $857 million, were almost 5 percent above predictions from the Kansas Revenue Estimating Group but almost 6 percent below numbers from May 2022.
Individual income taxes were soft, down 3 percent from estimates and 15 percent from last May. Corporate income collections, however, were 140 percent higher than estimates and up almost 80 percent from last year, due in part do the ongoing trends from the SALT Parity Act, which says deductibility of state income taxes should be the same for partnerships, C corporations and S corporations.
Combined retail sales and compensating use tax receipts were up 3 percent over estimates but down over 5 percent from last May.
