The state of Kansas missed tax expectations in April by more than $4 million just 10 days after the state lowered tax revenue expectations.
The state collected about $511.5 million in tax revenue for April, about $4.4 million below expectations. This was primarily due to corporate income tax revenue, which fell $3.3 million below expectations.
Individual income tax receipts fell $248,000 short of expectations.
Secretary of Revenue Nick Jordan said in a statement that these figures “do not fully reflect the individual income and corporate tax receipts. Because of an overload of returns received close to the April 15 deadline we are still processing paper returns.”
The state updated its tax revenue estimates on April 20, lowering expectations for the year by $87.5 million from estimates in November. The April underperformance comes on top of that.
This adds to a budget shortfall of more than $400 million for next year.
However, this year’s estimates were significantly more on target than they were last April, when the state missed expectations by $90 million and went onto fall short the following two months.
To date the state has collected $4.46 billion in tax revenue for the fiscal year that ends in June. The state is projected to take in a total of $5.55 billion in tax revenue this fiscal year.