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KY General Fund and Road Fund receipts for September 2023 From John Hicks/Greg Harkenrider Frankfort, KY - The Office of State Budget Director reported on Tuesday, October 10, 2023, that General Fund receipts rose 6.1 percent in September with revenues of $1,570.8 million. Collections for the month exceeded last September's total by $90.4 million. It is the 13th consecutive month of General Fund receipts in excess of $1 billion. So far this fiscal year (FY24), the General Fund has grown 6.9 percent. Based on September's results, General Fund revenues can decline 2.4 percent for the remainder of the fiscal year and still meet the official estimate. The Consensus Forecasting process began in September with preliminary estimates and will issue final, official revenue estimates for Fiscal Years 2024-2026 in December. State Budget Director John Hicks remarked: "The newly created Pass Through Entity Tax (PTET) collections in September were $146.5 million. The tax is retroactive to tax year 2022 returns. September 15th was the due date to file with an extension for federal tax year 2022 pass-through returns. The surge in September for Kentucky PTET receipts was likely a tax-planning strategy for pass-through entities to pay state taxes to maximize tax savings at the federal level on 2022 tax returns. It is anticipated that $187.4 million in PTET receipts collected year-to-date to meet the federal tax return deadline will be partly offset in future periods in FY24 through lower declaration payments and higher state refunds. Sales tax receipts grew 6.1 percent, continuing a steady pace after three years of double-digit percentage growth." Among the major accounts:
Among the accounts:
This story was posted on 2023-10-11 09:15:57
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Help is available to Adair families this season Zaxby's Columbia to hold grand opening on Oct 16 Bank of Columbia to hold Open House on Oct 12 KSP: Post 15 welcomes new telecommunicators Nominations open for Governor's Service Awards Extension Office will be closed on Oct 20 Wear a coat to Silent City history walk Monday Join the Adair Arts Council at Thursday meeting Soup and Sandwich Lunch at Trabue House on Oct 18 A visit to Redwood National and State Parks in California View even more articles in topic News |
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