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State receipts drop due to coronavirus, delayed tax deadline General Fund receipts decreased 33.6 percent, year-to-date down 1.2 percent. Road Fund receipts decreased 30.1 percent, year-to-datedown 1.4 percent. By Greg Harkenrider Frankfort, KY - The Office of State Budget Director reported today that April's General Fund receipts dropped precipitously due to the impact of the novel coronavirus and the movement of the income tax filing deadline to July 15. Collections fell 33.6 percent, or $432.9 million, compared to April of last year. Nearly 90 percent of the decline was from individual and corporate income taxes. Total revenues for the month were $857.0 million, compared to $1,289.9 million received during April 2019. Receipts have now fallen 1.2 percent for the first ten months of FY20. The Office of State Budget Director recently released an unofficial General Fund revenue estimate for FY20 that called for a revenue shortfall of between $318.7 million and $495.7 million. State Budget Director John Hicks noted that impacts from COVID-19 and delayed income tax filing deadlines have combined to result in much lower state tax revenues for the month of April. "The economy has been hit hard by policies necessary to limit the spread of the virus and to save lives. The decline in individual income tax receipts was also greatly influenced by the movement of the tax filing deadline from April 15 to July 15. Withholding income tax receipts and sales tax receipts are most indicative of the effects of the economic conditions, declining by 7.5 percent and 6.4 percent, respectively. April's Road Fund receipts dropped by $43.9 million or 30.1 percent, with the usage tax from vehicle sales falling by 60.1 percent and motor fuels tax by 11.8 percent." "Looking ahead to the last two months of the fiscal year, the economic consequences of job losses, impacts on business, and significant curtailment of consumer activity are expected to continue. The Consensus Forecasting Group will be revising the FY20 official revenue estimates for the General and Road Funds in May. The new estimate will guide the actions of the Governor in balancing the current year's budget." Among the major accounts:
Among the accounts, motor fuel revenue fell 11.8 percent in April. April fuel revenues reflect March activity; the full economic impacts will be reflected in May's receipts. Motor vehicle usage tax collections fell 60.1 percent in the month as auto dealerships were severely limited in their business practices. License and privilege receipts decreased 20.2 percent. This story was posted on 2020-05-07 08:11:16
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