Kansas’ Total Tax Revenues $85.5 Million Over Last August
~ August total tax collections net $629.0 million as KDOR monitors implications of online sales tax legislation. ~
TOPEKA - Kansas’ August total tax revenues were $629.0 million. Those collections are $113.6 million, or 22.0%, more than the estimate. The August total tax collections performed $85.5 million, or 15.7%, better than the same month of last fiscal year.
“While these revenue numbers continue to out-pace estimates, we must continue using responsible policies to protect our fiscal health long-term,” Governor Kelly said.
Individual income tax collections were $302.3 million. That is an $82.3 million, or 37.4%, gain for the month. That is also $31.4 million, or 11.6%, more than last August. Corporate income tax collections were $17.2 million, which is $7.2 million, or 71.8%, more than the month’s estimate. Those collections are also $9.8 million, or 133.8%, better than the same month of last fiscal year.
August retail sales tax collections were $16.5 million, or 7.9%, greater than the estimate with $226.5 million collected. That is a $19.4 million, or 9.4%, improvement over August 2020. Compensating use tax collections were $58.5 million, which is $6.5 million, or 12.4%, better than the estimate. Those August collections are $13.1 million, or 28.9%, more than the same month the previous fiscal year.
“The Department is closely monitoring compensating use tax receipts to determine whether such receipts are beginning to reflect payments from online sales now required of marketplace facilitators under legislation passed during the 2021 legislative session,” Kansas Department of Revenue Secretary Mark Burghart said.
It is estimated that $3.5 to $4.0 million would be collected monthly under 2021 S.B. 50, the new marketplace facilitator rules, which apply to remote sales on and after July 1, 2021.