May revenue hike in Kansas far less than meets the eye
05/31/2013 6:10 PM
05/31/2013 6:11 PM
said state tax receipts in May of $583.3 million exceeded estimates by 12.7 percent — a sign, some said, that this year’s tax cuts have not affected income to the state.
But comparing actual revenue toestimates isn’t very helpful. After all, the state could estimate zero
revenue and show enormous increases once the taxes roll in.
The better comparison is actual revenue year-over-year.
State budget figures show Kansas took in $566.7 million in May 2012. That yields a more modest 3 percent growth in revenue when compared to this May’s $583.3 million.
To be fair, the increase has come despite the tax cuts which went into effect at the start of the year.
Through the first 11 months of FY 2012, Kansas took in $5.4 billion. It has taken in $5.6 billion in the first 11 months of this fiscal year, growth of just under 4 percent.
The most important comparison will come in July, when full year-over-year figures will be available. At that point we’ll know the impact of the Brownback tax cuts.
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