TOPEKA — State government tax collections in December fell from 2017 levels but stayed above projections, aided by a surge in revenue from corporations.
The Kansas Department of Revenue released figures Wednesday that show the state brought in $687 million in taxes last month, which is about $10.5 million more than expected. Those figures were propped up by corporate income tax collections, which accounted for $69.6 million in revenue — $22.6 million more than forecast and $29 million more than a year earlier.
A KDOR analysis in November revealed the value of tax exemptions granted to 300,000 businesses in 2012 had been underestimated for years. Lawmakers reversed much of the supply-side cuts during the 2017 session.
In December, the corporate tax collections offset declining revenue from individual income, which dropped $43.8 million from 2017 levels and fell $8.4 million below projections.
Overall, the December tax collections were $24.2 million less than they were the previous year.
The state has collected $195 million more in taxes through the first half of the fiscal year than it did in the same period of 2017. KDOR reports $3.387 billion in collections so far for a $13 million cushion above the official estimate.