Kansas Awaiting Report On November Tax Collections

By: Associated Press
By: Associated Press

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Friday, November 30, 2012

The Kansas Department of Revenue is preparing to issue a report on whether state tax collections in November met expectations.

The report due out Friday afternoon is the first since officials issued a new fiscal forecast that projects revenues for the current and next fiscal years. Legislative researchers now project a budget shortfall of $328 million by June 2014 that will have to be closed by lawmakers next year.

The state expects to collect $458 million in taxes in November and $6.2 billion in total revenues during the current fiscal year. It anticipates revenues dropping to less than $5.5 billion for the fiscal year starting in July 2013.

Kansas enacted massive income tax cuts this year to stimulate the economy. Critics contend the reductions have led to budget problems.

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