Covering The Economy

Dec 10, 2012 3:02 PM

Tax Amnesty Getting Credit For Pushing Up Revenue

FRANKFORT (AP) - An offer of tax amnesty in Kentucky may have been a factor in a significant rise in General Fund revenue in November.

State Budget Director Mary Lassiter reported Monday an overall 7.6 percent increase in revenue.

Property tax collections jumped 16.4 percent for the month. Individual income tax revenue increased by 10.7 percent. And sales tax revenue rose by 4.6 percent.

Lassiter said some of the improvement could be the result of an improving state and national economy. But she said an amnesty offer that allowed delinquent taxpayers to pay up without the fear of prosecution "was successful and well utilized."

Revenue from the coal severance tax plummeted by 25.5 percent in November, a sign of economic struggle in the mountain region.

And cigarette tax revenue fell by 2.1 percent.

(Copyright 2012 The Associated Press. All rights reserved.)

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