{Frankfort, Kentucky}...Budget Director Mary Lassiter announced Wednesday that total revenue for the month of September reached nearly $885 million, up from $840 million a year ago. A 26.1 percent increase in corporate income tax revenue, coupled with an 8.1 percent rise in individual income tax receipts, allowed the state to post an overall 5.3 percent increase in general operating funds for the month. Those taxes produced $466 million. The state's sales tax revenue rose by 1.2 percent, generating $321 million, and lottery revenue was up 9.4 percent to $17.5 million. Property tax collections were down nearly 13 percent, while cigarette tax receipts fell by 14 percent and revenue from the coal severance tax dropped another 19 percent.Wednesday, October 10, 2012
State Revenue Increases
{Frankfort, Kentucky}...Budget Director Mary Lassiter announced Wednesday that total revenue for the month of September reached nearly $885 million, up from $840 million a year ago. A 26.1 percent increase in corporate income tax revenue, coupled with an 8.1 percent rise in individual income tax receipts, allowed the state to post an overall 5.3 percent increase in general operating funds for the month. Those taxes produced $466 million. The state's sales tax revenue rose by 1.2 percent, generating $321 million, and lottery revenue was up 9.4 percent to $17.5 million. Property tax collections were down nearly 13 percent, while cigarette tax receipts fell by 14 percent and revenue from the coal severance tax dropped another 19 percent.