Kansas to Learn Whether February Tax Collections Fell Short
Associated Press - March 1, 2016 10:15 am
Kansas officials will learn soon whether the state’s tax collections in February fell short of expectations.
The report due Tuesday from the Department of Revenue could complicate the state’s budget picture. It comes only two weeks after the Republican-dominated Legislature passed a bill that closes a projected deficit of nearly $200 million for the fiscal year beginning July 1.
The budget measure approved by lawmakers would leave the state with cash reserves of only $6 million on June 30 and $86 million at the end of June 2017.
Continued shortfalls would erode those projected reserves. Tax collections were lower than anticipated in 18 of the previous 25 months.
Kansas has struggled to balance its budget since cutting personal income taxes dramatically in 2012 and 2013 to stimulate the economy.