TOPEKA — Kansas tax revenue collected in October beat estimates and last year’s collections, the Kansas Department of Revenue announced Wednesday.
According to the report, total tax revenue beat estimates by 5.5 percent, or $104.8 million. Individual income taxes came in 5.9 percent ahead of estimates while corporate taxes beat estimates by more than 30 percent.
The report comes a day ahead of revised revenue estimates. The Consensus Revenue Estimating Group will reassess what it thinks the state will collect over the fiscal year and release that report Thursday.
Consensus revenue estimators could predict a better budget situation than they originally released. The state has beat estimates in each month since the new fiscal year began July 1 with a retroactive tax increase expected to bring in $1.2 billion over the next two years.
Since the tax increase went into effect, Kansas tax collections have also beat what the state received last year. Tax revenues collected last month were 10.8 percent, or $196.5 million, ahead of October 2016 collections.
Sales tax collections beat expectations by about 4 percent. They also came in about 4 percent, or $30 million, ahead of last October.
Revenue Secretary Sam Williams attributed the gains to an “improved economic climate,” not the tax increase.
“This trend of higher than last year corporate receipts confirm expectations of an improved economic climate taking root,” Williams said. “That becomes even more distinct when looking at the modest growth in sales tax receipts.”