Kansas Gov. Laura Kelly: July Tax Collections Surpass Estimate
Kansas Governor Laura Kelly revealed a positive financial outlook today, reporting total tax collections of $681.0 million for July 2023. The figures surpassed estimates by $13.9 million, a significant 2.1% increase. Compared to July 2022, tax collections showed substantial growth, rising by $94.7 million, or 16.2%.
Governor Kelly attributed the strong fiscal start to her administration's focus on attracting businesses and fostering economic growth in the state. With such promising numbers, she emphasized the need to put money back into the hands of working Kansans through responsible tax cuts.
Individual income tax collections amounted to $313.7 million, exceeding estimates by $3.7 million (1.2%) and marking a 4.4% growth from the previous year. Corporate income tax collections were equally impressive at $44.7 million, surpassing estimates by $4.7 million (11.9%) and showing a remarkable 22.2% increase from July 2022.
Secretary of Revenue Mark Burghart highlighted the strength of wage income, the largest component of individual income tax receipts, which recorded a remarkable 13.4% increase compared to July 2022, indicating the state's robust economic momentum as it enters Fiscal Year 2024.
Moreover, combined retail sales and compensating use tax receipts reached $315.3 million, exceeding estimates by $12.3 million (4.1%) and showcasing an impressive 38.8% surge from July 2022.
