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July Revenue Surge and Road Fund Dip | Lexington News
July’s fiscal kickoff delivered a major revenue surge, with General Fund receipts jumping nearly 30% to over $1.4 billion — one of the biggest spikes in four years — driven by soaring corporate and sales taxes, signaling a booming economy. Corporate tax collections hit a 20-year monthly high, while sales tax climbed nearly 10%, reflecting strong business profits and consumer spending. However, individual income tax receipts dipped due to a lower rate, and the Road Fund took a 15% hit from reduced motor fuels taxes. While the state’s overall financial outlook remains positive, the Road Fund…
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