Official: Kentucky on pace to meet revenue goals
FRANKFORT, Ky. — Kentucky’s General Fund is on pace to meet its tax revenue goals for this fiscal year despite Kentuckians’ cautious spending habits, a state official said Wednesday.
Overall tax receipts are 2.6 percent higher than they were this time last year, state Budget Director Jane Driskell said in a statement. The uptick is partially attributed to an increase in revenue from corporate and individual income taxes, which jumped 12.7 percent and 5.7 percent respectively.
The fiscal year ends June 30.
The positive news comes despite lagging receipts in some other tax categories. Collections for the sales and use tax fell 0.08 percent, and revenue from cigarettes dropped 5.4 percent. Driskell attributed the decline to Kentuckians’ cautious spending habits, which are linked in part to modest wage growth.
The Herald-Dispatch welcomes your comments on this article, but please be civil. Avoid profanity, obscenity, personal attacks, accusations of criminal activity, name-calling or insults to the other posters. Herald-dispatch.com does not control or monitor comments as they are posted, but if you find a comment offensive or uncivil, hover your mouse over the comment and click the X that appears in the upper right of the comment. If you do not want your comment to post to your personal Facebook page, uncheck the box below the comment.