It’s probably too early to point to a trend. But Kansas officials on Friday released another monthly round of closely watched revenue numbers, and the results were all positive.
But there’s a big caveat, too.
May tax receipts exceeded estimates by $65.9 million, or 12.7 percent, state officials said.
The caveat: The numbers were undoubtedly buoyed by one-time revenue. That came from taxpayers who accelerated their income in advance of federal tax increases enacted earlier this year. Got that?
Individual income receipts were $58.9 million, or 23.2 percent, more than anticipated for the month. The increase over the estimate was due in part to larger balance-due payments for 2012 income taxes, which were processed in late April and early May following the annual tax filing deadline.
“It is important to be cautious when looking at these numbers because federal tax hikes...passed in January likely influenced taxpayer behavior as people worked to ensure that income would be taxed at 2012 rates,” said Revenue Secretary Nick Jordan.
“We have reaped the benefit of that at the state level in April and May, and now we expect things to return to more normal levels.”
With one month remaining in fiscal year 2013, tax revenues year-to-date are above estimates by 1.1 percent.
The Kansas numbers are getting close scrutiny these days because of the deep income-tax cuts the Legislature enacted last year. Folks who favored the cuts, and those who didn’t, are all watching the figures for signs that their position was the correct one.