State revenues hit $1 billion in September — and are still short of expectations

It may seem hard to believe that Kansas can collect $1 billion in tax revenues for a month and have that figure fall below expectations, but that’s what happened last month. The state’s monthly tax revenue was $3.4 million lower than projections, or 0.3 percent. Individual income tax revenue beat estimates by nearly 6 percent, but that was more than offset by down numbers in corporate income tax revenues, which were short of goal by 15 percent. Corporate income tax revenues were down 12.5 percent since last year. Combined retail sales and compensating use tax receipts were 1.1 percent lower than a year ago.