As December comes to a close, the only area in which more funds were collected from residents than in years past was found to be individual income taxes, however, total tax collections in the state have fallen. The Kansas Department of Revenue says that the Sunflower State ended December 2023 with a total of $1.043 billion collected in taxes. 3.4% less than what was estimated. Total tax collections were down 3.8% from the previous December.
Individual income tax collections totaled $397.1 million, which is about $17.1 million or 4.5% above the estimate. Income tax collections were up 5.9% from the previous year. Withholding tax, the largest component of the individual income tax receipts, was 9.2% greater than December 2022, “which comes as no surprise the growth is entirely consistent with recent findings of the Bureau of Economic Analysis, which showed that personal income and earnings in Kansas grew during the second and third quarters of 2023 at some of the highest rates in the country.”
