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Kansas Revenues Top Forecast For November

Associated Press - November 27, 2013 6:07 pm

A second leading bond-rating agency has downgraded its credit rating for Kansas and cited what it calls the state's "structurally unbalanced budget" following massive personal income tax cuts.

A second leading bond-rating agency has downgraded its credit rating for Kansas and cited what it calls the state's "structurally unbalanced budget" following massive personal income tax cuts.

Kansas revenue officials say growth in sales taxes helped the state collect slightly more in taxes than expected this month.

Figures released Wednesday show the state collected $380 million in taxes and fees in November, topping the latest forecast by nearly $1 million.

November collections of sale taxes were $1.1 million more than expected. Revenue Secretary Nick Jordan calls the numbers a sign that consumers and businesses have confidence in the economy to spend more of their money.

The report also says overall tax collections in the fiscal year that began July 1 totaled nearly $2.2 billion taxes. That’s roughly $230 million less than in the same period of the previous fiscal year, due to the state’s reductions in income tax rates.

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