Kansas Tax Collections $30M Below Estimates In August
Tax revenues in Kansas were $30 million below estimates for the month of August.
The state’s revenue numbers were dragged down by large tax refunds given to companies as part of economic development programs.
Secretary of Revenue Nick Jordan says the economic development programs are considered when writing the estimates, but this month included especially large refunds.
“And in no way today are we saying those in a critical way, we’re saying those are great, those produce growth, they produce jobs in the state of Kansas, but they do count against our tax revenue,” Jordan says.
This is the first month in which the revenue report was expanded to include more information about the state’s finances. When including tax revenue, budget adjustments and other state income, the overall shortfall stands at $6.4 million.