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.