FRANKFORT, Ky. (AP) - Kentucky reported a broad increase in tax receipts last month that surpassed the amount collected a year ago before the coronavirus pandemic hit the state.
State General Fund receipts in January grew 6.6% compared to the same period in 2020, amounting to an increase of $68.4 million, the state budget director said Wednesday. Sales, income, business and property taxes all had significant increases to boost total collections.
When combined with December receipts, the General Fund has grown 11.5% during the two-month span, Budget Director John Hicks said.
“This revenue growth has occurred in spite of the fact that almost all of the previously existing federal relief had expired months ago,” Hicks said.
The General Fund pays for most state services.
The upbeat revenue announcement comes as Kentucky lawmakers work on a new state budget.
The state’s Road Fund receipts fell by 3.2% in January as motor vehicle usage and motor fuels tax receipts declined, Hicks said.
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