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State Tax Revenue Takes Major Hit Amid Coronavirus

Kentucky's tax collections went into a nosedive in April. The state says General Fund tax receipts fell nearly $433 million below collections a year ago as the coronavirus outbreak stalled much of the economy. The state budget office said Wednesday that nearly 90% of the revenue decline was from individual and corporate income taxes.

Its report says total revenues last month were $857 million, compared to nearly $1.3 billion in April 2019. That's a 33.6% drop. Due to the April plunge, state tax receipts have fallen 1.2% for the first 10 months of the fiscal year that ends June 30.