Locked-down businesses, surging unemployment and consternation about a possible coronavirus recession Monday prompted downgrading of Kansas’ tax revenue projections in the next two years by $1.3 billion to force state lawmakers into the position of contemplating cataclysmic budget cuts.
The group of economists and analysts responsible for revising state revenue estimates predicted tax collections in the fiscal year ending June 30 would be down by $815 million. In the fiscal year starting July 1, tax revenue was expected to drop off $549 million because of damage caused by COVID-19 in Kansas.
The group of economists and analysts responsible for revising state revenue estimates predicted tax collections in the fiscal year ending June 30 would be down by $815 million. In the fiscal year starting July 1, tax revenue was expected to drop off $549 million because of damage caused by COVID-19 in Kansas.
Source: State Government – The Topeka Capital-JournalRead the full story ↗
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