FRANKFORT, Ky. (AP) – Kentucky’s tax collections went into a free-fall in April.
The state says General Fund tax receipts fell nearly $433 million below collections a year ago as the coronavirus outbreak stalled much of the economy.
The state budget office said Wednesday that nearly 90% of the revenue decline was from individual and corporate income taxes.
Its report says total revenues last month were $857 million, compared to nearly $1.3 billion in April 2019. That’s a 33.6% drop.
Due to the April plunge, state tax receipts have fallen 1.2% for the first 10 months of the fiscal year that ends June 30.