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NEW interim forecast says state revenues will collapse 18.2%-23.7% this quarter--creating a shortfall of $319- $496 million--and then 10.5%-17.2% the next two quarters of the new fisc year.
Kentucky needs Congress to step in with *much more* in fiscal relief. #statecovidrelief
Kentucky needs Congress to step in with *much more* in fiscal relief. #statecovidrelief
Corporate taxes projected will fall especially--from 68%-79% this quarter. Sales taxes will fall 18%-20% and individual income taxes 5%-13%. The lottery will drop 32%, property tax 14%, coal severance 46% and other 28%. All massive declines.
Road Fund receipts will also crater, falling 36.8%-55.2% in April-June compared to the prior year. The gas tax will fall 33.6%-52.1% and the usage tax (based on car sales) will fall 52.5%-72.1%. That creates a Road Fund shortfall between $116 million and $195 million this year.
