New state forecast shows more money coming in

New state forecast shows more money coming in

Source www.wibwnewsnow.com Kelly vetoed it last week, saying it was fiscally irresponsible.

The results give Republican lawmakers new ammunition in pushing for state income tax cuts over Democratic Governor Laura Kelly’s objections. Legislative researchers projected that, based on budget legislation drafted by the Legislature, the state will have $1.15 billion in cash reserves on June 30 and a cushion of $821 million at the end of June 2022.

Republicans passed a bill cutting taxes for those who are paying more to the state because of changes in federal tax laws in 2017. The forecasters also made a change in the projections for tax collections for the 2022 budget year, increasing the total to almost $7.7 billion.

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