Kansas Officials: June Revenues Miss Mark by $28M
Associated Press - June 30, 2014 7:39 pm
Kansas collected $30 million less in taxes than anticipated in August, but officials said larger-than-expected income tax refunds were largely the reason.
Kansas Revenue Secretary Nick Jordan says June’s tax collections missed estimates by $28 million, pushing the shortfall for the fiscal year that ended Monday to nearly $338 million.
Preliminary figures released Monday showed Kansas collecting nearly $5.5 billion in taxes and fees in fiscal 2014. Forecasters whose projections help the state build its annual budget had expected Kansas to take in about $5.8 billion during the year.
Revenues in April and May were a combined $310 million short of expectations. Jordan had expected June’s collections to be $10 million to $20 million off the mark.
Gov. Sam Brownback’s administration has attributed the numbers to federal tax and spending policies that affected how investors claimed capital gains.
Democrats blame the lower collections on Brownback’s tax cuts in 2012 and 2013.