Official: Kentucky on pace to meet revenue goals
Official: Kentucky on pace to meet tax revenue goals for the year despite cautious spending
FRANKFORT, Ky. (AP) -- 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 0.8 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.
