Tuesday, May 10, 2016

Kentucky tax collections set all-time record in April

(AP) — State officials collected more than $1 billion in taxes last month, setting a record high.

State Budget Director John Chilton announced Tuesday that the state collected $1.077 billion in income and sales taxes in April, up from the $1.023 billion collected in April 2015. Chilton attributed some of that increase to a delay in issuing tax refunds.

So far this year, Kentucky's tax revenue has increased 5 percent compared to the previous year. State economists had predicted revenue would increase 3.2 percent for the budget year that ends June 30.

State officials also collected $130.4 million in gas taxes, a 13.3 percent increase from April 2015. Year to date, revenue for the road fund has dropped 3.8 percent, in line with the estimate.