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State Tax Collections Down
Kentucky is reporting a 3.5 percent drop in tax collections for December, but state revenue is up slightly for the first six months of the fiscal year. State Budget Director Jane Driskell said today General Fund revenue totaled $912.6 million in December, a drop of $33.2 million compared to the same month in 2012.
Driskell says December 2012 collections included a $25 million windfall due to taxpayers taking advantage of an amnesty offer to avoid prosecution by catching up on back taxes. She says tax collections are up 1.2 percent for the first half of the current fiscal year. Driskell says revenues need to grow 3.1 percent for the last six months of the fiscal year to meet the official revenue forecast by a group of the state's top economists.