Kan. taxes short of expectations in past 3 months

Kansas Statehouse
Kansas Statehouse

TOPEKA, Kansas (AP) – A new report says Kansas collected slightly less in taxes than expected in the first quarter of the fiscal year, but officials believe the shortfall may actually be a positive economic sign.

The Department of Revenue reported Monday the state collected $1.37 billion in taxes from July through September, about $8.5 million below expectations.

Corporate income tax collections during those three months fell nearly 12 percent short of projections. The state had expected to take in $97 million and instead collected less than $86 million.

The department says the shortfall might reflect businesses buying more equipment than expected and claiming bigger tax breaks as a result.

blog comments powered by Disqus