Tax Collections Suffer

Kentucky’s tax collections took a nosedive in April, when General Fund receipts dropped nearly $433 million below collections a year ago as the coronavirus outbreak stalled much of the economy.The state’s budget director warned Wednesday that the grim situation will continue for the rest of the fiscal year, which ends June 30. The downturn could force Gov. Andy Beshear into making painful budget cuts at a time when Kentucky’s economy is trying to recover from the health crisis.

Source: MG News

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