For Immediate Release:
September 3, 2024
Contact:
Grace Hoge
[email protected]
Governor Kelly Announces August Total Tax Collections Surpass Estimate by Nearly $23M
TOPEKA – Governor Laura Kelly announced today that the August 2024 total tax collections were $665.6 million. That is $22.8 million, or 3.5% more than the estimate. Total tax collections are up 4.0% from August 2023.
“While we are seeing collections higher than the estimate, we likely won’t see the impact of the income tax cuts from Senate Bill 1 on monthly collections until the beginning of next year,” Governor Laura Kelly said. “Because of that timing, we must continue to be fiscally responsible for our long-term outlook.”
Individual income tax collections were $329.4 million, which is $19.4 million, or 6.3% more than the estimate and up 10.1% from August 2023. Corporate income tax collections were $20.2 million, which is $9.8 million, or 32.8% less than the estimate and down 19.7% from August 2023.
Combined retail sales and compensating use tax receipts were $294.6 million, which is $12.6 million, or 4.5% more than the estimate and up $2.2 million, or 0.7% from August 2023.
Click here to view the August 2024 revenue numbers.
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