Kansas state revenues will fall $745 million in fiscal 2014 as tax cuts enacted by the 2012 Legislature, and so far in 2013 as well, the official Consensus - Revenue Estimating Group said last week.
The panel’s projection of total collections of $5.45 billion next year is a drop of 12% from fiscal 2013’s estimated $6.199 billion. Collections totaled $6.4 billion in fiscal 2012.
Revenue from the corporate and personal income tax is expected to drop to $2.8 billion in fiscal 2014 from $3.24 billion in fiscal 2013. A drop in retail sales tax collections is also projected to $1.9 billion next year from revenues of $2.2 billion in fiscal 2013.
Last week’s estimate is a revision of the group’s outlook in November 2012.
The revenue panel will develop a new forecast in May based on tax bills adopted before the session ends. The Legislature is adjourned until May 8, when it will return to complete work on the 2014 budget.
