Kansas officials optimistic about 40% rise in corporate tax receipts in September
TOPEKA — The Kansas Department of Revenue said Monday that a 40% increase in state corporate income tax collections in September could signal businesses a solid return on investment through the rest of 2022. .
Overall, the revenue department collected $96.2 million, or 11.1%, more than expected for the month, with total state tax revenue reaching $961 million. This figure was $84.5 million higher than the September 2021 tax receipts.
Kansas corporate income tax collections last month reached $170.2 million, up $49.2 million or 40.6% from the official projection. This category of tax revenue primarily includes estimated corporate tax payments.
“Higher-than-expected estimated business payments suggest businesses are again anticipating favorable profit margins in 2022,” said Mark Burghart, secretary of the state Department of Revenue.
In September, personal income tax collections in Kansas rose $31.3 million, or 7.6%, for the month, with $441.3 million collected. That was $34.5 million, or 8.5%, more than September 2021.
Combined retail sales tax and offsetting use collections in the public purse were $309.6 million last month, up $23.7 million from last September.
Governor Laura Kelly, who is seeking re-election against GOP Attorney General Derek Schmidt in November, said her administration’s focus on job creation and business attraction has resulted in 26 months of stalemate. excess income.
“It’s allowed us to provide tax credits for teachers and lower taxes for seniors, veterans, homeowners and businesses, while paying down debt and fully funding our schools,” he said. she declared.