Kansas Slightly Ahead of Tax Revenue Target For December
Associated Press - December 31, 2013 7:25 pm
A new report by the Kansas University Center for Banking Excellence has determined that the state of banking in Kansas is greatly improved and the industry positioned to thrive despite new regulatory standards.
Kansas revenue officials say the state took in $3.3 million more in taxes than anticipated in December and collections met expectations for the past six months.
The Department of Revenue reported Tuesday that the state collected $550 million in taxes in December, when the state’s official financial forecast predicted less than $547 million. The surplus is 0.6 percent.
From the start of the current fiscal year in July through December, the state collected $2.74 billion in taxes, or $4.3 million more than anticipated. The surplus is about 0.2 percent.
However, tax collections this year are running about 9 percent behind collections last year because of income tax cuts enacted last year.
Tax collections were $603 million in December 2012 and $3.02 billion from July through December 2012.