For the month of October, the state saw an increase in its total tax collections at $552.9 million; 7.1% or $36.8 million ahead of estimates. These collections amount to $41.5 million more than October of Fiscal Year 2019, according to a media release from the Kansas Department of Revenue.
Individual and corporate income tax collections continued to be more than estimated. Individual income tax collections were $15.0 million ahead of the estimate at $260.0 million; $17.8 million ahead of the same month last fiscal year. Corporate income tax collections were at $26.2 million; $6.2 million more than the estimate and $6.7 million more than collected in October of FY2019.
Retail and compensating use tax collections were also ahead of the estimate. Retail sales tax collections were at $200.8 million; $8.8 million or 4.6% ahead of the estimate. These collections were $10.4 million more than the same month of Fiscal Year 2019. Compensating use tax collections came in $7.7 million or 22.6% ahead of estimates at $41.7 million; a $7.2 million increase from October of FY2019.
(Read more: Great Bend Post)
