68.8 F
Salina
Sunday, May 16, 2021

Kansas Sees Substantial Gains in Total Tax Collections Over Projections for June and Close of FY 2020

The State of Kansas saw a better-than-predicted close to Fiscal Year 2020. In June, the state’s total tax collections were up by $135.6 million or 22.3% more than estimated with $744.4 million collected. Compared to the same month last fiscal year, June tax collections were down by 4.8%. For FY 2020, total tax collections were up by $163.7 million or 2.4% more than estimated with collections of $7.0 billion; a 5.7% decrease from last year.

“Kansans have faced many challenges since the beginning of the COVID-19 outbreak – emotionally, physically, and financially,” Governor Laura Kelly said. “While these numbers are encouraging, we must continue to make decisions that will keep our state on sound economic footing as we enter the next fiscal year.”

The economic impact of the COVID-19 pandemic began to be seen in April as the state was entering its fourth quarter. In addition, tax extensions were announced in March which moves money from FY 2020 to the next fiscal year. Approximately 300,000 individual income tax returns are still to be filed and paid by the July 15, 2020 deadline.

Individual income taxes were 13.2% or $41.1 million more than projected with $353.1 million collected. Those numbers are down 9.0% compared to the same month last year. Corporate income tax collections in June were $54.7 million; $33.7 million or 160.4% more than projected. These collections are down 19.4% compared to June of last fiscal year.

Retail sales and compensating use tax collections were both more than projected for the month and more than June of last fiscal year. Retail sales tax collections in June were $203.0 million; 21.5% or $36.0 million more than estimated. That’s an increase of 1.9% over last June. Compensating use taxes were $43.4 million; $10.4 million or 31.6% more than projected and an increase of 6.5% over last June. For FY 2020, retail sales tax collections performed 2.3% higher than expected with $2.4 billion collected; an increase of 0.7% over last fiscal year. Compensating use taxes for the fiscal year also performed 4.1% higher than expected with $479.1 million collected; a 10.9% increase from FY 2019.

Details found here.

Derek Nesterhttps://sunflowerstateradio.com
Derek Nester was born and raised in Blue Rapids and graduated from Valley Heights High School in 2000. He attended Cowley College in Arkansas City and Johnson County Community College in Overland Park studying Journalism & Media Communications. In 2002 Derek joined Taylor Communications, Inc. in Salina, Kansas working in digital media for 550 AM KFRM and 100.9 FM KCLY. Following that stop, he joined Dierking Communications, Inc. stations KNDY AM & FM as a board operator and fill-in sports play-by-play announcer. Starting in 2005 Derek joined the Kansas City Chiefs Radio Network as a Studio Coordinator at 101 The Fox in Kansas City, a role he would serve for 15 years culminating in the Super Bowl LIV Championship game broadcast. In 2021 he moved to Audacy, formerly known as Entercom Communications, Inc. and 106.5 The Wolf and 610 Sports Radio, the new flagship stations of the Kansas City Chiefs Radio Network, the largest radio network in the NFL. Through all of this, Derek continues to serve as the Digital Media Director for Sunflower State Radio, the digital and social media operations of Dierking Communications, Inc. and the 6 radio stations it owns and operates across Kansas.

Related Articles

Stay Connected

437FansLike
33FollowersFollow
244FollowersFollow
- Advertisement -

More Headlines