Kansas tax revenue came in more than $72 million above projections for June, according to a report released Monday by the Kansas Department of Revenue.
Individual income tax collections were $22.8 million above the June estimate, while corporate income tax revenue beat the estimate by almost $39 million.
The state’s sales tax collections also came in almost $11.5 million above projections for the month, which ends the fiscal year.
“The state now has $72.22 million more than expected because June revenues came in so strong thanks to corporate, individual and sales tax collections,” Revenue Secretary Sam Williams said in a statement. “With unemployment at a 16-year low, my hope is that such a robust performance in these major tax sources will continue into next fiscal year.”
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The revenue news comes roughly a month after the Kansas Legislature overcame Gov. Sam Brownback’s veto and approved a tax increase expected to raise roughly $600 million annually in the 2018 and 2019 fiscal years.
Kansas had been facing projected budget shortfalls of around $900 million over those two fiscal years. Those projections were erased when Kansas lawmakers passed the tax increases and a new two-year budget plan. The state is now expected to have positive ending balances in the 2018 and 2019 fiscal years.
The state beat tax revenue estimates for the fiscal year by 1.26 percent, according to the state’s report. The June surge means the state finished $72 million above estimates for the entire fiscal year.
Tax collections for the year exceeded the 2016 numbers by roughly $58.6 million, or 1.02 percent, according to the report.