Kansas Tax Revenue Falls Below Estimates, Last Year's Figures

Dion Lefler for The Wichita Eagle

At Brownback’s urging, the Legislature reduced income tax rates and eliminated taxes on income derived from limited liability companies and other types of businesses that are organized to pass their profits straight through to the owners as personal income.  Kansas brought in $726 million less in tax revenue this fiscal year than last year, which represents a year-to-year drop in revenue of nearly 12 percent for the state.  Tax collections were well below projections, which had been adjusted for the changes in the tax code.  This year, actual state tax income is nearly $338 million less than the state’s economists predicted.  Tax revenue for June was down $41.7 million compared to the same month last year, $28 million below the estimated income.  Officials at the Department of Revenue could not be reached for comment.

 

Read the entire article at The Wichita Eagle.

Do you like this post?