TOPEKA – Corporate and personal income tax receipts for March out performed expectations Friday, propelling revenues for the month to $40.1 million beyond estimates.
Corporate income taxes doubled expectations tot $21.5 million more than what was expected, while personal income taxes came in $14.6 million more than estimates.
“The numbers this month are further signs that the state’s economy continues to improve under Gov. Brownback’s fiscal policies,” said Revenue Secretary Nick Jordan. “But we still have more work to do and it is essential that we maintain our focus on pro-growth economic policies, such as approval of the Governor’s tax reform plan, to ensure that the state continues to exceed expectations in the future.”
March revenue receipts were 10.3 percent more than anticipated and put the state $72.2 million, or 1.8 percent, ahead of consensus revenue estimates for the year.
Another bright spot in the report was state sales tax receipts, which are $2.3 million more than estimates.