State Reports September Revenue Increase
FRANKFORT, KY - Increased revenue from income taxes has bolstered Kentucky's budget, helping to push up General Fund receipts by 5.3 percent in September.
Revenue from corporate income taxes rose by more than 26 percent while individual income tax receipts increased by 8 percent. The state's sales tax revenue rose by 1.2 percent and lottery revenue rose 9.4 percent.
State Budget Director Mary Lassiter said strong collections in those areas helped offset revenue losses in others. Property tax collections were down nearly 13 percent. Cigarette tax receipts fell by 14 percent. And revenue from the coal severance tax dropped another 19 percent because of a downturn in the state's mining industry.
Road fund receipts also fell for the second consecutive month. Revenue from the state's fuel tax declined by 3 percent.