March tax receipts come in $31.1 million above estimates
TOPEKA - State tax-only receipts for March totaled $522.1 million, $31.1 million more than estimates; one-half percent above the fiscal year estimates going into the last quarter.
For the first time since July 2018, sales tax receipts for the month beat the estimate, coming in at $176.5 million; $3.5 million above the monthly estimate.
Individual income tax collections are up $20.9 million for the month compared to estimates, totaling $230.9 million; individual income tax collections fiscal year-to-date are up 3.4%, or $73.9 million compared to last year. Corporate tax receipts are down 9.6% for the month but are still 9.9% ahead of the fiscal year estimate.
“Individual income tax collections are up due to continued growth in withholding and balance due checks," Secretary Mark Burghart said. "Total tax receipts for the fiscal year are on track with estimates as we go into the final quarter."