Fiscal year-end tax receipts came in $1.2 billion above last year, and $317.8 million over fiscal year predictions, according to the latest revenue report released Monday by the Kansas Department of Revenue.
Year-end tax receipts were bolstered by a more than 20 percent increase in June collections,. The totals were $133 million over last year which topped expectations for the month by about $143.8 million.
“With tax receipts coming in above expectations every month during the last year, there’s optimism that this trend will continue,” Secretary Sam Williams said. “The increase in sales tax collections indicate more retail spending precipitated by wage gains from the federal tax cuts passed in to law six months ago.”
Fiscal year retail sales tax collections outpace the previous year’s total by $55.8 million. For the month of June, sales tax receipts were $10.76 million more than expectations for the month. It topped collections for June of 2017 by approximately $7 million.
Individual income tax continues to demonstrate strong performance above expectations with fiscal year collections at $229.42 million more than predicted for the year, and $1.07 billion above last year. Individual income tax collections for the month came in $114.03 million more than last June’s receipts.
