SENATE BUDGET CHAIR AND VICE CHAIR REACT TO STRONG JANUARY REVENUE RECEIPTS
Overall individual income tax revenue grows 4.1 percent despite half-percent income tax reduction
FRANKFORT, KY (Feb. 12, 2024) — The following is a joint statement from Senate Budget Chair and Vice Chair, Sen. Chris McDaniel, R-Ryland Heights; and Sen. Amanda Mays Bledsoe, R-Lexington regarding the release of the January revenue receipts:
“The January state revenue report is further evidence that our priority to lower working families' income tax not only leaves more money in Kentuckians’ pockets, but comprehensive tax reforms have successfully broadened the tax base, leading to record revenues.
“Naysayers’ opposition to leaving more money in Kentuckians' paychecks is an insult to the hardworking taxpayers and consumers who make the general fund dollars we are entrusted with possible. We remain steadfast in our conservative, pro-growth, pro-jobs policy and budgeting philosophy.
“The next two-year state budget will again reflect fiscal discipline and denounce the failed progressive tax and spend approach to governing.”
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In a release from the Office of State Budget Director on Monday, revenue report shows that January’s General Fund receipts totaled $1,344.8 million. The revenues were 4.4 percent more than what was received in January of last year, an increase of $56.8 million. January’s sales tax receipts hit a record high at $586.2 million.
CLICK HERE to find the report.
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Senator Chris McDaniel, R-Ryland Heights, represents the 23rd Senate District in northern Kenton County. McDaniel is Senate Appropriations and Revenue chair and serves as an ex-officio member of each budget review subcommittee. He is a Senate Licensing and Occupations, and State and Local Government committee member. Additionally, McDaniel serves as a Public Pension Oversight Board member.
Please visit https://legislature.ky.gov/Legislators%20Full%20Res%20Images/senate123.jpg for a high-resolution .jpeg of McDaniel.
Senator Amanda Mays Bledsoe, R-Lexington, represents the 12th Senate District, including Boyle, Mercer and Woodford Counties and part of Fayette County. She serves as Senate Appropriations and Revenue vice chair and Tobacco Settlement Agreement Fund Oversight Committee co-chair. Bledsoe is a Senate Families and Children, Licensing and Occupations, and State and Local Government committee member. Additionally, she serves as a member of each budget review subcommittee, which includes: Economic Development and Tourism, Natural Resources and Environmental Protection; Education; General Government; Finance and Public Protection; Human Resources; and Justice and Judiciary.
Visit https://legislature.ky.gov/Legislators%20Full%20Res%20Images/senate112.jpg for a high-resolution .jpeg of Bledsoe.
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