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General Fund and Road Fund receipts increase in March 2022 By John Hicks/Greg Harkenrider Frankfort, KY - The Office of State Budget Director reported on Monday that March's General Fund receipts continue to be extremely strong, growing 9.0 percent compared to March of last year. Total revenues for the month were $1,040.5 million, compared to $954.8 million during March 2021. Receipts have now grown 13.6 percent for the first nine months of FY22. Growth rates for the three quarters of FY22 have been 20.0, 12.3 and 9.0 percent, respectively. The official revenue estimate calls for 7.5 percent revenue growth for the fiscal year. To meet the estimate, receipts can decline 7.0 percent over the last three months of FY22. Road Fund receipts for March totaled $141.7 million, a 6.9 percent increase compared to March 2021 levels. Road Fund collections posted their largest quarterly increase at 5.2 percent after growing 3.5 percent and 2.8 percent in the first two quarters of the fiscal year. State Budget Director John Hicks remarked that the March increase in General Fund receipts was primarily attributable to the largest two tax accounts, the individual income tax and sales tax. "Individual income tax receipts continue to show extraordinary growth due to both employment and wage growth in the Commonwealth. The withholding component of the individual income tax, which rose 16.0 percent in March, is the best example for economic growth in the labor market. Sales tax revenues grew significantly in March, an increase of 23.8 percent. This strong performance in the sales tax reveals that Kentucky's consumer demand remains strong. March's 9.0 percent increase is in spite of the elimination of nearly $100 million in receipts due to the repeal of the bank franchise tax, effective January 1, 2021." Among the major accounts:
This story was posted on 2022-04-12 08:13:56
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