Kansas’ October Total Tax Receipts Exceed Estimate By $73.2M
~~Marks the 27th Consecutive Month Kansas Has Exceeded Estimate~~
TOPEKA – Governor Laura Kelly today announced that October’s total tax receipts were $740.1 million — 11%, or $73.2 million, above the estimate, and $77.4 million, or 11.7%, more than October of last year. October marks the 27th month in a row in which the state has exceeded its estimated collections.
“For four years, my administration has worked relentlessly to help businesses grow and succeed, create quality jobs, and get our state back on track,” Governor Kelly said. “We laid the groundwork for what we’re seeing now: Nearly 30 months of strong revenues that have allowed us to responsibly cut taxes, pay off debts, fully fund schools, invest in our law enforcement, and improve our roads and bridges.”
Individual income tax collections were $357.5 million, which is $52.5 million, or 17.2%, more than the estimate. That is $55.9 million, or 18.6%, more than October 2021. Corporate income tax collections were $32.5 million for the month. That is $0.5 million, or 1.6%, less than the estimate and 18.9% less than October 2021. Corporate receipts for the first four months of FY 2023 are 7.6% greater than the same period in 2021.
Retail sales tax collections were $251.7 million, which is 9.4%, or $21.7 million, more than the estimate. Those collections are $24.0 million, or 10.5%, more than last October. Compensating use tax collections were $70.0 million, which is $2.0 million, or 2.7%, less than the estimate, but 3.6% more 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 FY 2023 estimate and make its initial forecast for FY 2024.
“Each time CRE has met over the past two years, we’ve raised our revenue forecasts, yet Kansas continues to beat the newer, higher forecasts every single month,” said Secretary of Revenue Mark Burghart. “We keep setting the bar higher and higher and clearing it every time – a real indication that the Kansas economy is strong.”
Click here to view the October 2022 tax receipts spreadsheet.