TOPEKA—Fiscal year-end tax receipts came in $1.21 billion above last year, and $317.81 million over fiscal year predictions, according to the latest revenue report released Monday.
Year-end tax receipts were bolstered by a more than 20 percent increase in June collections, with $133.02 million over last year, which was $143.79 million more than expected for the month.
“With tax receipts coming in above expectations every month during the last year, there’s optimism that this trend will continue,” Secretary Sam Williams said. “The increase in sales tax collections indicate more retail spending precipitated by wage gains from the federal tax cuts passed in to law six months ago.”
Fiscal year retail sales tax collections took in $55.82 million more than last year. For the month, sales tax collections came in $6.98 million more than last June, which was $10.76 million more than expectations for the month.
Individual income tax continues to demonstrate strong performance above expectations, with fiscal year collections at $229.42 million more than predicted for the year, and $1.07 billion above last year. Individual income tax collections for the month came in $114.03 million more than last June’s receipts.