State Revenue $87M Higher, Despite Tax Cuts

deductions

A new report shows Kansas collected nearly $87 million more in taxes than expected in the fiscal year that ended June 30, despite tax cuts businesses and individuals.
The state Revenue Department said that tax collections totaled about $6.2 billion in the 2013 fiscal year, nearly $160 million more than in the previous year.
Collections in June were $567 million, about $25 million more than expected.
New laws enacted last year reduced the state’s personal income tax rates and eliminated taxes on roughly 191,000 businesses in certain categories.
The Legislature approved more tax cuts in its latest session.

Courtesy of The Legal Record.
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