income tax receipts

Regional
4:56 pm
Mon August 11, 2014

Kentucky Revenue Receipts Suggest Slow Growth

New data released by the state’s budget office suggest that Kentucky’s General Fund isn’t growing fast enough, and could lead to another budget shortfall.

July receipts show that Kentucky brought in about $706 million in July, a 2.2 increase over last year.

But Jason Bailey, director for the nonpartisan Kentucky Center for Economic Progress, says that the sluggish growth won’t be enough to meet official revenue projections.

“Two-point-two percent growth for July, which is better than zero, but still lower than what we need for the year which is about 3.6 percent to avoid another budget shortfall,” said Bailey.

The data show that while income and sale tax receipts grew by single digits, returns on corporate and property taxes were down 64 and 45 percent, respectively.

Gov. Steve Beshear recently plugged a $90.9 million shortfall in the previous year’s budget that was chiefly caused by a sharp decline in individual income tax receipts.

Economy /Declining State Revenues
3:14 pm
Fri August 10, 2012

Kentucky's General Government Revenue Declines

State Revenues

A report released by State Budget Director Mary Lassiter reveals that receipts from both the state's sales and income taxes declined in July. Lassiter says she still expects the state to meet projections of modest revenue growth over the remainder of the new fiscal year, despite declines in general fund revenue for three of the past four months.

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