New revenue report: Tax collections $275 million ahead of estimates

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A new report released Thursday morning shows that Kansas brought in about $26.7 million more than expected in overall tax revenue during February, and is now about $275 million ahead of estimates for the fiscal year, so far.

The state’s monthly revenue report shows it generated about $120.3 million in income taxes during February, roughly $14.4 million more than was estimated.

Income tax collections – individual, corporate and financial institutions – are now at $2.2 billion for the fiscal year, about $260.4 million more than was originally estimated and about $542.7 million more than the same time a year ago.

Retail sales tax collections looked positive for February with the state taking in $175.6 million or just $7.5 million above the estimate for a roughly 4.5 percent increase.

Overall for the fiscal year, retail sales tax collections are relatively flat when compared to estimates. The state took in $1.57 billion compared to the $1.56 billion estimate, or an increase of less than a percent. It was still about $48 million ahead of February 2017.

The state has taken in $612 million more in taxes in February 2018 than it did in February 2017, the report showed.

“There is a growing sense of optimism reflected in tax receipts, but we have to be patient for April receipts to accurately identify economic growth,” Revenue Secretary Sam Williams said in a statement.

“Hopefully this is a sign that businesses are making investments and Kansans are buying more goods and services.”

Corporate income tax collection fell $9.7 million below expectations for this fiscal year, but are up $14.9 million over this time last year.

Tax receipts for February totaled $373.1 million, about $41.6 million  above February 2017 and $26.73 million above the monthly estimate.