Tax collections miss the mark

The State of Kansas ended May with total tax collections at $658.9 million. That is $193.0 million, or 22.7%, below the estimate. Total tax collections are down 23.1% from May 2023. Individual income tax collections were $305.2 million. That is $144.8 million, or 32.2% below the estimate, and down 30.6% from May 2023. Corporate income tax collections were $39.8 million. That is $53.2 million, or 57.2% below the estimate and down 56.3% from May 2023.