Newspaper article The Topeka Capital-Journal

Revenue $4.4M below Estimates ; Revenue: Report Not Expected to Affect Budget Debate

Newspaper article The Topeka Capital-Journal

Revenue $4.4M below Estimates ; Revenue: Report Not Expected to Affect Budget Debate

Article excerpt

Kansas revenues fell $4.4 million below expectations in April after a newly lowered tax revenue forecast last week, the Department of Revenue said Thursday, blaming less-than-expected corporate receipts.

In a statement, the department said corporate income tax receipts fell $3.3 million short of estimates. Personal income tax receipts were off $248,000, or 0.1 percent, though the agency stressed personal income tax collections had increased $4 million from the previous year.

The state brought in $330,000 more than expected in sales tax revenue, however.

"These numbers do not fully reflect the individual income and corporate tax receipts. Because of an overload of returns received close to the April 15 deadline we are still processing paper returns," Revenue Secretary Nick Jordan said.

Department spokeswoman Jeannine Koranda said the agency doesn't have an estimate of how many returns it has yet to process. She said there are thousands of pieces of mail.

But Senate Minority Leader Anthony Hensley, D-Topeka, said he had been told by legislative researchers that the number of unprocessed returns numbered between 150,000 and 160,000.

Returns processed going forward will count toward May revenue figures, Koranda said. The department likely will process enough returns in just the next week to make up April's personal income tax shortfall, she said.

Just last week, officials from legislative research, the administration and university economists issued a revenue forecast that paints a grimmer financial picture for the state over the next two fiscal years.

The estimate increased the total revenue expected during the current fiscal year, however, over what officials predicted in the last forecast issued in November. FY 2015 revenue was increased $157 million, or 2. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.