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Kentucky Sales and Tax Revenue Fuel General Fund Growth in Past Year

Sergey Kuzmin
123rf Stock Photo

State budget officials say tax collections for Kentucky’s General Fund grew by nearly 4% in the past fiscal year, fueled by strong sales and individual income tax receipts.

The state's budget director, John Chilton, led a team that reported on the state's finances in a presentation to Kentucky lawmakers Monday.

General Fund collections rose 3.7% to $10.3 billion in the 12-month period ending June 30.

Sales and use tax revenues were up 6% from the prior year, while individual income tax collections rose 5.2%.

The biggest drop was in the coal severance tax, with receipts down 33%.

The officials say overall wage growth in Kentucky is expected to exceed 5% in the first half of the current fiscal year.

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