Tuesday, October 21, 2014

State records hefty revenue drop tied to individual income tax

By The Herald Staff | 7/2/2014

TOPEKA — Kansas has fallen $338 million below estimates on revenue receipts for the 2014 fiscal year, the state department of revenue announced this week.

Corporate income tax receipts for June were $2.6 million more than estimates for June revenue receipts, and sales tax receipts were almost on target, less than 1 percent off estimates, or $1.5 million, according to the revenue department.

TOPEKA — Kansas has fallen $338 million below estimates on revenue receipts for the 2014 fiscal year, the state department of revenue announced this week.

Corporate income tax receipts for June were $2.6 million more than estimates for June revenue receipts, and sales tax receipts were almost on target, less than 1 percent off estimates, or $1.5 million, according to the revenue department.

Individual income tax receipts, however, were down $24.8 million, which the department said was because of a significant drop in estimated payments, which are calculated on the previous year’s income and reflect a shift primarily in capital gains income.

Tax revenue for June was down $41.7 million compared to the same month last year, $28 million below the estimated income, according to the Wichita Eagle.

The state began experiencing estimate shortages in April when the state was short about $93 million and then again short about $217 million in May.

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