KY Reports Decline in General Fund Revenue

By: Associated Press
By: Associated Press
Kentucky is dealing with huge declines in revenue from key tax sources despite a rebounding national economy.

MGN Online

Corporate income tax revenue is down nearly 90-percent.

FRANKFORT, Ky. (AP) -- Kentucky is dealing with huge declines in revenue from key tax sources despite a rebounding national economy.

State Budget Director Jane Driskell released a monthly revenue report for April on Friday, showing corporate income tax revenue is down by nearly 90 percent.

The report says property tax collections fell by 53.5 percent for the month. Cigarette tax revenue is down 22.2 percent. And collections from the all-important sales tax were off 7.3 percent.

The two bright spots in the monthly report were a 5.5 percent increase in income tax revenue and an 18.6 percent rise in coal severance tax collections.

Driskell said the drop in sales tax revenue was especially conspicuous, considering improvements in the national economy and signs of growing consumer confidence.


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