Kentucky's General Fund is on pace to meet its tax revenue goals for this fiscal year despite Kentuckians' cautious spending habits says a state official.
State Budget Director Jane Driskell says overall tax receipts are 2.6 percent higher than they were this time last year. 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.
Kentucky Governor Steve Beshear’s Blue Ribbon Commission on Tax Reform has rejected a proposal to tax food at grocery stores. Consultants say a 6 percent tax could generate about $500 million each year. The 17-member commission dismissed it as a burden on the poor. The Courier-Journal reports members met for nearly four hours yesterday to shorten a list of 96 recommendations.