Kentucky Budget Surprises Everyone | Lexington News

Kentucky’s state budget is crushing it—up nearly 14% in the first two months of the fiscal year, defying predictions of a downturn. Strong consumer spending and booming business tax collections are fueling this surge, with sales taxes up 6% and business taxes bringing in over $300 million more than last year. But there’s a twist: individual income tax receipts are down thanks to the recent tax cut from 4% to 3.5%. Officials are now revisiting their revenue forecasts, possibly raising them—a win for the state’s coffers. Meanwhile, the Road Fund is lagging, down 7%, as motor fuels tax wanes, highlighting Kentucky’s shift toward sales taxes over income taxes. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/f7ab05214d1c654a