Archive for Tuesday, December 1, 2015

Kansas has nearly $8M surplus in tax collections in November

December 1, 2015

— Kansas is reporting that it collected nearly $8 million more in taxes than anticipated in November, with both income and sales taxes exceeding expectations.

The state Department of Revenue said Tuesday the state collected $430 million in taxes last month instead of the $422 million projected in a new fiscal forecast issued earlier in the month. The surplus is about 1.9 percent.

Since the current fiscal year began in July, the state has collected $2.24 billion in tax revenues.

It was the first monthly report since the new and more pessimistic forecast for tax collections was issued.

Tax collections had fallen short of expectations the previous eight months.

Kansas has struggled to balance its budget since personal income taxes were dramatically cut in 2012 and 2013 to stimulate the economy.

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