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Mon October 12, 2009
KY General Fund Receipts Continue Downward Spiral
Frankfort, KY – Revenue from income taxes has fallen nearly 10 percent since last September, adding to Kentucky's financial misery. State Budget Director Mary Lassiter says general fund receipts have fallen by a similar amount over the 12-month period.
A new report shows total revenue for September at almost $726 million. That's down from almost $805 million in September 2008. Most of the decline was attributable to income and sales taxes. Incomes tax revenue fell just under 10% while sales taxes revenue dropped by six and a half percent. Revenue from property taxes and coal severance taxes declined by 16% and about 13% respectively.
One bright spot: Cigarette tax revenue grew by 88% because of a tax hike approved by lawmakers earlier this year.