TOPEKA – Kansas took in $58.4 million less in tax revenue than it expected in February.
Total collections were placed at $506.3 million, or more than 10% below the estimate, and about 7.6% down from a year ago.
Individual income tax receipts were down more than $44 million from what was forecast, accounting for most of the difference between projected and actual receipts.
The estimate for corporate income tax revenue missed the mark by more than $15 million. In fact, corporate receipts were in the negative by almost $350,000, KSN reported. A Kansas Department of Revenue official told the news outlet that’s because of refunds being paid. He said that because of the inconsistent refund schedule, corporate taxes are not as predictable as other revenue sources.
On the positive side, sales and compensating use taxes brought in more than $433,000 in February, which is slightly above the estimate.
“February’s report reflects that revenues collected were down nearly $59 million, at the same time the Legislature is building their budget,” Gov. Laura Kelly said in a news release. “The Legislature should keep in mind the structural imbalance their past budget created and look to my budget for a path to rectify the unsustainable imbalance over time.”
