Kansas tax revenue collections in August narrowly surpassed estimates for the month and exceeded the tally from August of last year, state officials said Tuesday.
The bottom line is the state government expected to receive in the initial two months of this fiscal year a total of $988 million in tax revenue. The state treasury actually gathered $993 million, which amounts to 0.49% more than predicted.
"We continue to hold steady with the estimates," said Mark Burghart, secretary of the Kansas Department of Revenue. "I’m encouraged by both the improved sales tax collections and the stability of individual tax collections."
The second month in the fiscal year provided overall tax revenue of $497 million, which was $2.9 million or 0.5% greater than anticipated by state fiscal experts. The August total was $2.8 million above the level recorded in August 2018.
Corporate income tax collections in August were $6.6 million. That was a staggering $5.3 million — or 44% — below the official estimate. That continued a trend during the fiscal year starting July 1 and contributed to an overall fiscal year shortfall of 21% in corporate tax revenue.
Kansas individual income tax receipts were $231 million for August or $6.2 million more than the estimate. On the year, Kansas has pocketed 1.2% more in individual income tax receipts than projected.
In August, the state's share of retail sales tax revenue came in at $205 million, which was $7 million or 3.6% above the estimate. For the fiscal year, sales tax collections have surpassed the projection by $6.8 million or 1.7%.