Kansas tax revenue surges $81 million above April projections

Surging Kansas individual and corporate income tax receipts pushed state revenue in April more than $81 million above the estimate, official said Wednesday.

The Kansas Department of Revenue reported overall April collections were $81.2 million beyond the projection of $1.2 billion, which was $256 million higher than April 2018.

Bulk of the unexpected rise last month came in the form of individual income tax receipts $69.8 million above the prediction of $808 million. In April, corporate income tax collections were $8.5 million above the target of $104 million.

“Increases in the receipts can be attributed to one-time tax payments on capital gains income and economic growth coupled with changes in federal and state income tax law,” said Mark Burghart, secretary at the Department of Revenue.

Read more: https://www.cjonline.com/news/20190501/kansas-tax-revenue-surges-81-million-above-april-projections
(Topeka Capital-Journal)