For Immediate Release:
June 1, 2023
Contact:
Cassie Nichols
[email protected]
Governor Kelly Announces May Total Tax Receipts Exceed Estimate by Nearly $40 Million
TOPEKA – Governor Laura Kelly announced today that total tax collections for May 2023 were $857.3 million. That is $38.8 million, or 4.7%, above the estimate.
“Thanks to our work to recruit businesses, create jobs, and grow the economy, Kansas is now in strong position to weather any future storms, to continue to invest in public education, and to fix roads and bridges across the state,” said Governor Kelly. “We're also in a position to pass responsible, affordable tax cuts, which is what legislators must do when they return next session.”
Individual income tax collections were $440.1 million. That is $12.9 million, or 2.9% below the estimate, and down 15.1% from May 2022. Corporate income tax collections were $91.2 million, or 140.0% higher than the estimate and up 77.4% from May 2022. The drastic increase in corporate income tax collections can be partly attributed to the continued impact of the SALT Parity Act.
Combined retail sales and compensating use tax receipts were $289.6 million which is $9.4 million, or 3.1% below the estimate and down $16.0 million, or 5.2%, from May 2022.
Total tax collections are down 5.8% from May 2022.
Click here to view the May 2023 revenue numbers.
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