Friday, January 8, 2016

December was third largest tax collection ever for Kentucky

(AP) — Kentucky taxpayers paid $996.8 million in taxes in December, the third highest monthly collection ever.

The money was an 8.6 percent increase from December 2014. State Budget Director John Chilton noted Kentucky has exceeded $1 billion in tax collections twice, both occurring last year.

State economists predicted Kentucky's tax collections would grow by 3.2 percent for the budget year that ends June 30. So far, revenues have grown 4 percent. They would need to grow an average of 2.6 percent for the rest of the year in order to meet the estimate and avoid budget cuts. Chilton said the state was on track to meet its goal.

Gas tax collections rose 4.2 percent in December. Road fund revenues have fallen by 5.4 percent so far, in line with a predicted 5.3 percent decline.