Kansas Tax Collections $30M Short of Expectations in August
Associated Press - September 1, 2015 4:22 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 collected $30 million less in taxes than anticipated in August, but officials said larger-than-expected income tax refunds were largely the reason.
The state Department of Revenue reported Tuesday that tax collections were about $418 million last month, compared with the official projection of $448 million. The shortfall was 6.8 percent.
Budget director Shawn Sullivan noted during a news conference that the shortfall was offset by budget adjustments he announced last month. When those adjustments are considered, the state’s total revenue shortfall was roughly $6 million.
Department of Revenue officials said the state paid out $22 million more than expected in income tax refunds.
The figure included nearly $14 million to a company receiving a corporate income tax credit for investing in its Kansas facilities. Officials declined to name it.