Income tax revenue bolster state budget in October

FRANKFORT, Ky. (AP) - Kentucky is reporting an increase in income tax revenue in October, another sign of a strengthening economy.

Budget Director Mary Lassiter said General Fund revenue rose by 3.7 percent for the month, largely thanks to growth in individual and corporate income tax receipts.

At the same time, Lassiter voiced concern about lackluster collections from the state sales tax and from the coal severance tax.

Individual income tax collections rose 3.7 percent and property tax collections increased by nearly 90 percent in October.

Sales tax collections fell by 2.5 percent. And coal severance tax revenue fell by more than 41 percent.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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