State Tax Revenues Short Of Expectations
A new report says Kansas collected slightly less in taxes than expected in the first quarter of the fiscal year, but officials believe the shortfall may actually be a positive economic sign.
The Department of Revenue reported Monday the state collected $1.37 billion in taxes from July through September, that's about $8.5 million below expectations.
Corporate income tax collections during those three months fell nearly 12 percent short of projections. The state had expected to take in $97 million and instead collected less than $86 million.
The department says the shortfall might reflect businesses buying more equipment than expected and claiming bigger tax breaks as a result.