Kansas Taxes $4M Less Than Expected in August
Associated Press - August 29, 2014 7:58 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.
A new report says Kansas collected $4 million less in taxes than expected in August.
The Department of Revenue said Friday the state took in $421 million in taxes, about 1 percent below the official forecast of $425 million.
The department called revenues flat but said there are signs of economic growth in the figures. Corporate income tax collections exceeded expectations for the month.
The state saw a slight surplus in tax collections in July. Since the current fiscal year began July 1, the state has collected about $829 million in revenues, against projections of nearly $832 million. The difference is about $2.4 million, or 0.3 percent.
The numbers are likely to renew a political debate over massive income tax cuts enacted at Republican Gov. Sam Brownback’s urging.