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Kansas tax receipts

Thursday, March 16, 2017 11:33
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(Before It's News)

Kansas tax receipts by category, presented in an interactive visualization.

The Kansas Division of the Budget publishes monthly statistics regarding tax collections. I’ve gathered these figures present them in an interactive visualization. In the visualization, there are these available tabs:

Table: A table of data. For each month the two data items supplied by the state are the actual value and the estimated value. This table also holds the computed variance, or difference, between the actual value and the estimated value. A positive number means the actual value was greater than the estimated value.

Collections: Shows monthly collections for each component. Because monthly numbers vary widely, this data is presented as the moving average of the previous 12 months.

Annual Change: Shows the change from the same month of the previous year. A positive value means the value for the month is greater than the same month last year.

Estimates: The Governor’s Consensus Revenue Estimating Working Group provides monthly estimates. This chart shows the variance, or difference, between the actual value and the estimated value. A positive number means the actual value was greater than the estimated value.

Running Total Estimates: This is the cumulative sum of the estimate variances, reset to zero at the start of each fiscal year (July 1).

Running Total Change from Prior Year: This is the cumulative sum of the monthly changes from the prior year, reset to zero at the start of each fiscal year (July 1).

Since July 2014, individual income tax collections have been relatively flat. Corporate income tax collections are on a slight downward trajectory.

Retail sales tax and compensating use tax have been mostly rising. A higher sales tax rate took effect on July 1, 2015, with the rate rising from 6.15 percent to 6.50 percent.

Cigarette taxes rose rapidly since July 2015 when higher tax rates on these products took effect. After peaking, collections are declining.

Severance taxes — tax collected on natural gas and oil as it is extracted from the ground — have been on a downward trend since July 2014 as prices for these products have fallen. This is a sizable tax. In June 2014 collections of this tax were running at about $143 million per year. For February 2017, the rate is $32 million annually.

Click here to use the visualization.

Source of data is Kansas Division of the Budget.



Source: https://wichitaliberty.org/kansas-government/kansas-tax-receipts-3/

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