In the first month since a retroactive tax increase took effect, Kansas tax collections came in ahead of expectations.
According to a press release issued by the Kansas Department of Revenue Tuesday, revenue collections in the first month of the new fiscal year exceeded last year by $28.41 million.
As the Topeka Capital-Journal reports, that was also $7.6 million than projections estimated. The receipts came after lawmakers passed a tax package in June that went into effect on July 1.
According to the press release, corporate income tax collections came in $5.79 million over this time last year, reflecting the latest over the year growth in corporate profits seen at the national level, as reported by the Bureau of Economic Analysis. Individual income tax came in $22.36 million over the same time period. Sales tax collections were higher by $8.31 million.
Over the next few months, the department will have more information to better attribute additional income tax revenue to the tax increase, the release said.