Kentucky’s Tax Collections Suffer Shortfall

Kentucky’s tax collections went into a free-fall in April, when General Fund tax receipts fell nearly $433 million below collections a year ago as the coronavirus outbreak stalled much of the economy.Nearly 90 percent of the revenue decline was from individual and corporate income taxes, the state budget office reported Wednesday.Total revenues last month were $857 million, compared to nearly $1.3 billion in April 2019 – a 33.6% drop, the report said.

Source: MG News

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