For Immediate Release:
April 1, 2024
Contact:
Grace Hoge
[email protected]
Governor Kelly Announces March Total Tax Collections $7M More than Estimate
TOPEKA – Governor Laura Kelly announced today that total tax collections in March were $760.4 million. That is $7.0 million, or 0.9%, more than the monthly estimate. Total tax collections are up 0.3% from March 2023.
“As we continue to work toward cutting taxes, the Legislature must be mindful that any tax relief must be fiscally sustainable,” Governor Laura Kelly said. “The bipartisan tax cuts plan I introduced in January, among other things, eliminates all state income tax on Social Security benefits and provides about $100 million in property tax relief for Kansas homeowners every year. It is a fiscally responsible plan that puts money back into every Kansan’s pocket while enabling us to continue to fully fund schools and invest in our infrastructure and other critical areas.”
Individual income tax collections were $364.9 million. That is $29.9 million, or 8.9%, more than the month’s estimate and up 16.0% from March 2023. Corporate income tax collections were $77.1 million. That is $7.9 million, or 9.3%, less than the estimate, and down 24.8% from March 2023.
Combined retail sales and compensating use tax receipts were $261.2 million, which is $8.8 million, or 3.2%, less than the estimate. Those collections are $14.2 million, or 5.1%, less than March 2023.
The Consensus Revenue Estimating Group (CRE), comprised of the Department of Revenue, Division of Budget, Legislative Research Department, and economists from the University of Kansas, Kansas State University, and Wichita State University, will meet on April 19, 2024, to review the fall estimate and make any revisions it may consider necessary.
Click here to view the March 2024 revenue numbers.
###
|
