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Wed June 10, 2009
State Receipts Down In May Too
By Tony McVeigh
Frankfort, Ky – Kentucky's tax receipts last month were $617 million. That's off 2.7% from May 2008, when $634 million was collected.
Through the first 11 months of the current fiscal year, which ends June 30, tax receipts are off 1.7%. But the official revenue estimate calls for a 2.1%decline for the entire fiscal year.
To meet the estimate, receipts would have to decline 6%, or $52 million this month, compared to June 2008.
Alcohol and cigarette tax hikes approved by the 2009 General Assembly are helping boost current fiscal year receipts.
Next week, lawmakers meet in special session to address a projected $1 billion revenue shortfall in fiscal 2010, which begins July 1.