FRANKFORT, Ky. (AP) – State officials say Kentucky is likely to have a small budget shortfall when the fiscal year ends June 30.
Tax receipts for March fell 11.4 percent compared with last year. Tax collections are down 3.2 percent for the last three months. State Budget Director John Chilton said the state is likely to recover most of those losses in the final three months of the fiscal year but said the state would finish the year “likely below” the official revenue estimate.
The largest loss in March was corporate income taxes, which were down more than 89 percent, but that’s because companies now have to file their taxes by April 15 instead of March 15. Individual income taxes were down 15 percent in March while sales taxes were down 1.1 percent.
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