Kansas state officials said more tax revenue than expected over the past month has been collected, indicating a growing economy and improving profit margins for businesses.
Total tax revenue for September was $ 876.5 million, beating the estimate of $ 162.2 million, or 22.7%. Revenue also topped the September 2020 collections by $ 147.6 million, or 20.2%.
“Our tax collection figures continue to show promising growthGov. Laura Kelly said in a press release Friday. “In the months ahead, we must maintain fiscally responsible policies to strengthen our growing economy.”
The additional revenues are mainly attributable to the collection of personal and corporate income tax, as well as retail sales taxes.
Income taxes exceeded estimates by 32.2%, while sales and use taxes exceeded estimates by 8.3% and other excise taxes returned 12.8% more than planned.
Personal income taxes brought in $ 51.8 million above estimate, a percentage change of 14.6%. Corporate income taxes topped estimates by $ 85.3 million, or 142.1% above expectations.
Retail sales taxes brought in $ 15.2 million more than estimated, a percentage change of 7.2%.
September’s corporate income tax revenue is mostly made up of estimated tax payments, officials said.
“After three quarters, these estimated higher-than-expected payments are a strong indication that companies expect improved profit margins in 2021,” Revenue Secretary Mark Burghart said in the press release from the governor’s office.
Kansas is now three months away from fiscal 2022, and total taxes are $ 335.8 million above estimate, a percentage change of 18.9%.