Post by Logan on Apr 3, 2016 5:46:28 GMT -6
The state of Kansas fell $8.5 million short of the March tax revenue projection in wake of a shortfall of more than $50 million in February that compelled Gov. Sam Brownback to impose an emergency 3 percent cut to public universities, officials said Friday.
Corporate income taxes and retail sales tax revenue last month surpassed predictions by $7.2 million, but individual income tax collections were under water by $14.4 million.
Overall, the state deposited $92 million less than expected in the current fiscal year. The state general fund goal at this juncture — three-fourths of the way through the year — was $4.1 billion.
“After a weak month in February, withholding rebounded in March, but not quite as strongly as anticipated,” said Nick Jordan, secretary of the Kansas Department of Revenue. “While corporate income, sales and use tax receipts are up, oil severance payments are down.”
Read more: cjonline.com/news/2016-04-01/kansas-tax-revenue-nearly-85-million-short-march-estimate
Corporate income taxes and retail sales tax revenue last month surpassed predictions by $7.2 million, but individual income tax collections were under water by $14.4 million.
Overall, the state deposited $92 million less than expected in the current fiscal year. The state general fund goal at this juncture — three-fourths of the way through the year — was $4.1 billion.
“After a weak month in February, withholding rebounded in March, but not quite as strongly as anticipated,” said Nick Jordan, secretary of the Kansas Department of Revenue. “While corporate income, sales and use tax receipts are up, oil severance payments are down.”
Read more: cjonline.com/news/2016-04-01/kansas-tax-revenue-nearly-85-million-short-march-estimate