TOPEKA, Kan. (AP) — Kansas is reporting that its tax collections for its just-concluded 2021 finances yr have been 9.3% greater than anticipated.
That left the state with its healthiest money reserves in additional than 40 years because the nationwide financial system recovers from the coronavirus pandemic.
The report Friday from the state Division of Income mentioned the state collected $8.9 billion typically tax revenues for the finances yr that ended Wednesday. That was $758 greater than it anticipated — even after state officers and college economists issued a brand new, extra optimistic fiscal forecast in mid-April.
The collections included a surplus of $509 million or practically 94% for Could and one other of $157 million or 22.6% in June.
The state begun its 2022 finances yr Thursday with money reserves $1.9 billion or extra. That’s highest complete quantity ever and an quantity equal to 25% of the spending financed with these normal taxes. The state hasn’t hit that proportion since a minimum of July 1980, in line with state finances paperwork.
The newest report might spark a push subsequent yr within the Republican-controlled Legislature to chop taxes once more after GOP lawmakers enacted revenue tax cuts earlier this yr over Democratic Gov. Laura Kelly’s veto.
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