![]() While individual income tax receipts declined due to the rate reduction, sales tax receipts had double-digit growth for the third straight year.īeshear signed a rate cut bill early this year after vetoing a bill last year that revamped parts of the tax code and led to an initial drop in the individual income tax rate. The lower rate was a step toward achieving a Republican-driven goal to phase out individual income taxes in Kentucky. A 10% rate cut took effect this past January and was in place for the last half of the fiscal year, Beshear's administration said. General fund tax receipts topped $15 billion, easily surpassing expectations, even as the state's individual income tax rate dropped. The exact amount will be known once accounting records for expenditures are completed later this month. The state finished the fiscal year with a general fund surplus topping $1 billion for the third straight year, the governor said. His administration has reeled in massive projects tied to the electric vehicle sector. Overcoming the severe jolt from the COVID-19 pandemic, Kentucky has posted record economic development numbers and historically low unemployment rates during Beshear's term. “That we turn our brain drain into a brain gain.” ![]() “It’s an exciting time with a lot of potential out there to grab ahold of and make sure we make this state everything we’ve always dreamed of,” Beshear said. On Thursday he said the revenue growth reflects a strong economy producing more jobs, higher wages and business profits. The governor's campaign has rolled out a TV ad featuring a Republican business owner praising his record as “great for business.” The businessman says he opposed Beshear four years ago, when he unseated Republican incumbent Matt Bevin, but now supports the Democratic governor.īeshear typically begins his weekly news conferences by promoting the latest economic development announcements. Looking to counter Beshear’s rosy economic message, they have pointed to sluggish workforce participation rates that left some businesses struggling to find enough employees.īeshear’s Republican critics have also hammered him on social issues, including his opposition to legislation aimed at transgender youth. The closely watched race could provide insight about voter sentiment heading into 2024 elections to determine control of the White House and Congress.Ĭameron and other Republicans say the governor routinely takes credit for pro-growth policies championed by the GOP-dominated legislature. Although he announced the surplus in his official capacity as governor, the massive surplus reinforced his campaign strategy of touting his economic stewardship as Beshear tries to fend off a tough challenge from Republican Attorney General Daniel Cameron in the November election. ![]() The general fund pays for most state services, including education, health care and public safety. “And this revenue figure shows how much we’re booming at unprecedented levels.” “Put simple, we’re booming,” the governor said at his weekly news conference. And he was quick to point out that the money kept rolling in even after the state individual income tax rate was cut. Andy Beshear touted robust revenue collections in Kentucky as another sign of a surging state economy Thursday, building on a theme he has made a cornerstone of his reelection bid in a state that Republicans have dominated in recent years.Ĭiting general fund receipts that totaled $15.1 billion in the just-concluded fiscal year, Beshear said the state was poised to record its largest-ever revenue surplus of roughly $1.4 billion.
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