TOPEKA (KSNT) – The Kansas Department of Revenue released an update on total tax collections for the month of November which show that several estimates were not met.
KDOR reports that total tax collections for November were 5.3% below the estimate which was raised during a recent meeting of the Consensus Revenue Estimating Group to align with consistently strong revenues. The estimate for November and the remainder of fiscal year 2023 was raised by $773 million.
Individual income tax collections also failed to meet the monthly estimate for November by 6.7% or $21.1 million, with $292.4 million collected, according to KDOR. This marked an increase in collections from November 2021 of 1.2%.
Corporate income tax collections were also lower than the estimate. A total of $13.2 million was collected, 0.6% or $78,313 below the estimate. This is $482,253 less than what was collected in November 2021. However, corporate income tax collections for the first five months of fiscal year 2023 are 7% higher than the previous fiscal year over the same period. Fiscal year 2022 was a record year for corporate income tax receipts, according to KDOR.
Combined sales and compensating use tax collections at $304.9 million were $8.7 million or 2.8% below the estimate but $19.5 million or 6.8% above collections in November 2021, showing sustained growth in that revenue source, according to KDOR.
“As for major tax sources, it is encouraging to see wage withholding tax payments, which is the principal component of individual income tax receipts, remaining stable and combined sales and compensating use tax receipts showing 6.8% growth over November 2021,” said Secretary of Revenue Mark Burghart.
To take a look at the fiscal year 2023 State General Fund Receipts, click here.