State Budget Office: Oct. shows economic growth

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State Budget

FRANKFORT, Ky. (WTVQ) – A new report says the state saw an increase in revenue last month.

The State Budget Office says October’s General Fund receipts rose 11.5 percent, or $94.7 million, over last year’s total. Road Fund receipts for October totaled $132.2 million, a 6.9 percent increase from October 2018 levels.

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According to the office, the sales tax continues to strengthen, aided greatly by recent legislation that expanded the sales tax to include additional services and requiring it for online retailers.  In addition, the individual income tax rose 4.9 percent because of higher withholding collections.

The office says the combination of these factors is welcomed news after a September decline in General Fund revenues.