Kansas Taxes $15M Short of Expectations for Month
Associated Press - December 31, 2014 4:17 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 in December fell $15 million short of expectations and the state’s top revenue official is blaming lower-than-expected corporate income tax revenues.
The Department of Revenue reported Wednesday that the state collected $553 million in taxes during the month when it expected to take in $568 million. The difference is 2.7 percent.
Corporate income tax collections in December were $56 million, or nearly $20 million short of expectations. Revenue Secretary Nick Jordan said such tax collections are volatile.
For the fiscal year beginning in July, tax collections were $12 million, or four-tenths of 1 percent, less than anticipated. During those six months, the state has collected $2.7 billion in taxes.
The December tax-collection shortfall could complicate efforts to address state budget shortfalls.