Kansas Revenues in June May Be $10M to $20M Short
Associated Press - June 24, 2014 7:17 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 Revenue Secretary Nick Jordan says state tax collections may fall between $10 million and $20 million below expectations this month.
The Topeka Capital-Journal reports Jordan also said Monday that the state’s fiscal situation is stabilizing after revenues fell a total of $310 million short of expectations in April and May.
Republican Gov. Sam Brownback’s administration has attributed those shortfalls to uncertainty created by disputes in Washington over federal spending and tax policies. They have said nervous investors feared paying higher taxes on capital gains in 2013 and claimed their gains early.
Democrats contend state income tax cuts championed by Brownback are to blame.
Democratic gubernatorial candidate and Kansas House Minority Leader Paul Davis accused the administration of trying to sugarcoat the state’s revenue problems.
(Information from: The Topeka Capital-Journal)