Tax Collections Improve Slightly In Kentucky
There's encouraging economic news coming out of Frankfort, where Kentucky tax collections continue to show positive gains.State tax receipts last month were nearly $750 million, an almost four percent increase over November of last year. In the first five months of the fiscal year, General Fund receipts have risen five percent.Individual income tax receipts were up last month, as were sales and use tax receipts, property tax collections, coal severance tax receipts and lottery collections.Corporate income and cigarette tax collections were off last month. The growth rate needed for the final seven months of Fiscal 2011 is 3.7 percent.Road Fund receipts also rose last month, by almost 22 percent. Year-to-date growth in the Road Fund is almost eight percent.State budget director Mary Lassiter calls the collections “encouraging,” but says the economy remains very volatile.