Kansas Tax Collections $21M Short in September
Associated Press - September 30, 2014 6:54 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 says its tax collections fell $21 million short of expectations in September.
The lower-than-anticipated collections were disclosed Tuesday in the state Department of Revenue’s monthly preliminary revenue report. The development could cause a short-term increase in the state’s predicted budget shortfall of $238 million by July 2016.
The department emphasized that even with overall taxes falling short, the state saw higher-than-expected corporate income tax collections.
The state anticipated collecting $542 million in taxes in September and instead took in $521 million, a difference of 4 percent.
Since the fiscal year began in July, the state has collected about $1.35 billion in taxes, against expectations of $1.37 billion. The difference there is $23 million, or 1.7 percent.
The biggest shortfall is in personal income tax collections.