Kansas Revenues in July Beat Expectations By $1.6M
Associated Press - July 31, 2014 5:25 pm
Kansas City Power & Light is appealing a September ruling by Kansas regulators reducing the percentage of annual profit the utility is allowed to return to its stockholders.
Kansas collected $1.6 million more in taxes than anticipated in July, breaking a streak of monthly shortfalls in collections.
The Department of Revenue reported Thursday the state took in almost $409 million in taxes in July, when the state’s official fiscal forecast predicted revenues of $407 million.
The July surplus was only four-tenths of 1 percent, but it was a sharp break from collections in April, May and June, which fell a total of $334 million short of expectations.
Those shortfalls sparked an intense debate about whether the state underestimated the effects of personal income tax cuts enacted at Republican Gov. Sam Brownback’s urging in 2012 and 2013.
Brownback’s administration said the shortfalls were due to investors reacting to uncertainty about federal tax policies.