January’s compensating use tax collections come in 26.9% higher than January FY 2019
TOPEKA - The Kansas Department of Revenue begins the FY 2020 third quarter with total tax receipts above estimates and above the same month of last fiscal year. Total tax collections came in at $725.5 million, $59.7 million or 9.0% more than estimated. This is $79.3 million or 12.3% more than January of FY 2019.
Retail sales tax collections were $220.8 million; $8.8 million or 4.2% more than estimated. Compensating use tax collections saw a 26.9% increase compared to the same month last fiscal year with $52.6 million in collections. This is $7.6 million or 16.8% more than estimated.
This increase can be attributed to online shopping trends and the increase in the number of remote retailers registering to collect and remit the compensating use tax that is due and owed to the state.
Individual income tax collections were $408.7 million; $38.7 million or 10.5% more than estimated. Those collections are $56.9 million more than the same month last fiscal year. Corporate income tax collections were $21.3 million; $3.3 million or 18.6% more than estimated.