February’s state revenues missed on a pair of key benchmarks.
Total tax collections for the month were $521.4 million, below the February 2023 total by over 5 percent and below estimates by 6 percent.
Corporate income tax collections were over $21 million, or better than 30 percent above estimates, but individual income taxes — $173.6 million — missed estimates by 21 percent and the February 2023 total by 18 percent. Combined retail sales and compensating use tax receipts, $252.6 million, were 4 percent below estimates and almost 6 percent below last year.
Lawmakers and Kansas Governor Laura Kelly have discussed the need for tax relief, but the governor vetoed the Republican-led plan that relied at least partly on a single tax rate above the first $6,150 for single residents or $12,300 for married couples. Lawmakers failed to override in the House, ending that effort. The governor’s tax plan, which relied in part on increased standard deductions, has not received a vote. Both plans included eliminating state taxes on Social Security and exempting the first $100,000 in state property taxes.
