June Tax Receipts Come in $34.5 Million Below Expectations
staff - July 2, 2016 6:21 am
TOPEKA, Kan. (AP) – Kansas tax revenue receipts have come up $34.5 million short for June, pushing the fiscal year-ending shortfall to $76.2 million.
The state Department of Revenue said on Friday receipts for corporate income taxes missed estimates by $20.3 million, or 25 percent. The department says those taxes were not part of the 2012 income tax reductions championed by Gov. Sam Brownback.
The revenue gap is forcing the state to make adjustments previously outlined by budget director Shawn Sullivan to balance the fiscal year 2016 budget.
The state is withholding $75 million from the June payment to schools and will distribute that on July 7. Also, a total of $23.6 million will come from the Department of Transportation, Department of Corrections and unspent funds from the Kansas State Department of Education.