For October 2020, total Kansas tax revenue was 7.9 percent greater than last October. Over the four months of the current fiscal year, tax revenue rose by 24.4 percent.
Tax reports from the State of Kansas for October 2020 show tax revenues falling from the previous month, but higher than the same month last year, despite the effects of the response to the pandemic.
When reporting on Kansas tax collections, the comparison is usually made to the estimated collections. Those estimates were revised in April based on economic conditions affected by the response to the pandemic. To get a feel for the effects of the response to the pandemic, it is best to compare to the same month the prior year.
(The estimated revenue figures are still important because the state budget is based on them. If the actual revenue is much below the estimated revenue, there may not be enough income to pay expenses.)
For October 2020, individual income tax collections were $283,620,667, up 9.1 percent from last October. Retail sales tax collections rose by 5.1 percent to $210,994,242. Total tax collections were $596,567,392, up 7.9 percent from the same month last year. A nearby table summarizes.
For fiscal year 2021, which started July 1, 2020, total tax collections are up by 24.4 percent over the same period of the previous fiscal year. A large reason for this is the change in tax deadlines from April to July, shifting much revenue from fiscal year 2020 to fiscal year 2021. That hasn’t always been explained, as I show in In Kansas, explanations for tax collections may vary.
My report on tax revenue for April details some changes made by the estimating group.
My interactive visualization of Kansas tax revenue has been updated with October data. Click here to use it.Learn how you can support the Voice for Liberty. Click here.