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Ky tax collections plummet in April

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Posted at 9:30 AM, May 07, 2020
and last updated 2020-05-07 11:14:21-04

(LEX 18) — Tax collections for Kentucky plummeted in April due to the coronavirus pandemic.

Data shows that general fund receipts dropped about $433 million dollars below collections a year ago.

Now, the state's budget director is warning that the grim situation will continue for the rest of the fiscal year, which ends on June 30.

Experts say the downturn could force Governor Andy Beshear into making significant budget cuts at a time when the state economy is trying to recover.

Total general fund revenues in April were $857 million dollars compared to nearly $1.3 billion dollars in April 2019.