TOPEKA, Kan. (KSNT/AP) – The state is bringing in more tax dollars than expected. It’s beating projections by $50 million in this fiscal year.
Last month’s numbers put the state way above its goal.
December brought in $756 million. That’s $38 million more than expected.
The Kansas Department of Revenue is seeing tens of millions of dollars more each month than at this time a year ago.
“Basically economic growth, an individual and corporate, people are making more money so they’re paying more taxes,” said Steve Stotts, director of taxation for the state department of revenue.
This is the 11th straight month revenues have been higher than projections. Every month but one since June 2017 has been higher than projected.
The most amount of revenue comes from personal income taxes, but the percentage growth that is one of the highest comes from businesses in the state.
But not everything is showing higher trends.
“The only tax sources that are down are what we call sin taxes, cigarettes and alcohol, which I guess is a good thing,” Stotts said.
If legislators decide to make any changes to tax rates in this year’s upcoming session, like was tried last year, they would go into effect in fiscal year 2021, which would begin in July.
The department also said new regulations about internet sales tax are helping keep numbers high. Those taxes have brought in 18 million dollars more than last year with half the fiscal year still to go.
You can see the revenue numbers from the department here.