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Kansas Monthly Total Tax Collections Outpace Estimates Yet Again

 

For the 27th consecutive month, Kansas has exceeded estimates of total tax receipts. Governor Laura Kelly announced that Kansas’s total tax receipts were over $740 million which is about 11% or $73 million above the estimate. The total tax income was also 11% higher than last October.

Some of the increase was due to retail sales tax collections outpacing estimates by almost $22 million or over 9%. While individual income tax collections were higher than the estimate by more than 17%, corporate income tax collections were 1.6% less than predicted and they were almost 19% less than October 2021.

The Consensus Revenue Estimating Group (CRE), comprised of the Department of Revenue, Division of Budget, Legislative Research Department, and economists from the University of Kansas, Kansas State University, and Wichita State University, will meet on November 9th to review and possibly revise the Fiscal Year 2023 estimate and make its initial forecast for 2024. 

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