Kansas Revenue Collections Up In May
Associated Press - June 1, 2013 3:43 am
Kansas hit its new, more pessimistic revenue projections for November, with tax collections exceeding estimates by $1.4 million.
TOPEKA, Kan. (AP) – Kansas revenue collections exceeded estimates by $65.9 million in May, aided by one time revenue paid by taxpayers who made payments ahead of federal tax increases.
The Kansas Department of Revenue said Friday that the state collected $583.2 million in May, an increase of 12.7 percent above the $517.4 million that was anticipated, based on revised April revenue forecasts.
The agency says the increase is because of larger payments for 2012 income taxes collected in late April and May after the annual tax filing deadline.
Revenue Secretary Nick Jordan said federal tax increases approved in January likely influenced taxpayer decisions to get their returns filed at 2012 rates.
Jordan expects Kansas collections to return to normal growth levels in coming months.