Kansas Slightly Ahead of Tax Revenue Target For December
Associated Press - December 31, 2013 7:25 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 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.