Kansas’ Total Tax Receipts Up $604.6 Million Over Last May
TOPEKA - The month of May marked one year since Governor Laura Kelly signed Executive Order 20-31 to safely reopen businesses across the state. Since that time, the Kansas economy has rebounding significantly – with May 2021 tax collections totaling $604.6 million, or 134.7% more than May 2020. For the month of May, the state collected $1.1 billion in total taxes; an increase of $509.4 million, or 93.7%, more than the estimate.
“Our May tax receipt numbers are good news and show that our efforts to strengthen Kansas’ economy are paying off,” said Governor Laura Kelly. “We will continue moving forward by prioritizing pro-growth policies that will support Kansas businesses and Kansas families.”
Individual income tax collections were $708.7 million. That is 154.9%, or $430.7 million, above the estimate and $492.8 million, or 228.2%, more than last May. Corporate income tax collections were $29.8 million. That is $33.2 million, or 976.8%, more than last May. Those collections are $24.8 million, or 495.6%, more than the estimate.
“Overall, the economy performed much better during the pandemic than any state had forecasted and the tax receipt trend in Kansas is comparable to that experienced in other states,” Revenue Secretary Mark Burghart said. “Taxpayers who had meaningful positions in the stock market did extremely well during the pandemic. A significant portion of the individual income tax receipts are due to capital gains transactions.”
Retail sales tax collections were up $53.9 million, or 31.0%, over last May with $227.8 million collected. Collections were $32.8 million, or 16.8%, more than the estimate. Compensating use tax collections were $54.4 million which was $14.4 million, or 36.0%, more than estimated. That is a $16.7 million, or 44.5%, gain compared to the same month of the previous fiscal year.To view a complete breakdown of May tax receipts, click here.