For January of Fiscal Year 2021, the State of Kansas saw a nearly 10% performance increase in total tax collections with $795.8 million collected. That is a 12.8%, or $90.2 million, increase from the estimate. Those collections are $70.4 million, or 9.7%, more than January of Fiscal Year 2020.
“While these numbers look promising, my administration will continue to take a close look at all tax legislation that may come to my desk and keep an eye on the fluctuation of the national economy,” Governor Laura Kelly said. “As I’ve said before, we must continue to promote fiscally-responsible practices that will ensure our state will not only recover from the COVID-19 pandemic but continue to grow.”
Corporate income tax collections were 29.9%, or $6.4 million, more than last fiscal year with $27.7 million collected for the month. That is an 84.9%, or $12.7 million, gain. Individual income tax collections were $457.9 million. That is $57.9 million, or 14.5%, more than the estimate and $49.2 million, or 12.0%, more than the previous January.
The individual income tax category is slightly higher for the end of the month due to the Internal Revenue Service’s delay in processing of tax returns to February 12, 2021. Due to that delay, the state cannot begin to process returns and issue refund checks until that time.
Retail sales tax collections were $3.8 million, or 1.7%, more than the same month of last fiscal year with $224.6 million collected. That is $9.6 million, or 4.5%, more than the estimate. Compensating use tax collections were $64.6 million for January; a $9.6 million increase from the estimate. Those collections are 22.9% or $12.0 million, more than last January.
Please find the revenue numbers here.
