State revenue beats estimates by $77M in May, up $158M for fiscal year

Kansas tax collections for May exceeded revised estimates by $77.1 million, adding to a state general fund cushion for the fiscal year that ends July 1.

Numbers provided by the Kansas Department of Revenue show individual income tax collections were $278 million in May, about $68 million above estimates and nearly $7 million more than the same month last year. Retail sales and use taxes added to the surplus.

However, corporate income tax collections dropped to $11 million, about $9 million below a forecast that mirrored last year’s collections.