State closes out FY 2019 $440.5 million ahead of previous year’s total tax receipts
TOPEKA - The state is closing out Fiscal Year 2019 (FY) at $7.5 billion, or 2.62% above estimates, for total tax collections. This is a $440.5 million increase in tax revenue, compared to FY2018.
In June, the state collected $781.8 million, or 4.36% above the estimate for total tax receipts.
Retail sales tax receipts are 0.45% below monthly estimates, totaling $199.1 million, and are $5.4 million below the same month in 2018. Individual income tax receipts are at $388.0 million, or 12.47% above the estimate of $345.0 million.
“The numbers attributed to the growth in individual income tax receipts for the fiscal year are due to a combination of factors including continued growth, federal and Kansas tax law changes, and non-recurring capital-gain transactions,” Secretary Mark Burghart said. “Sales tax has been fairly flat for the year, decreasing by 0.27% compared to the previous fiscal year.”