![]() Individual income tax collections rose 39.9 percent in March as all three primary components of the tax increased.For the year, collections in these accounts have increased 42.5 percent. Ĝombined corporation income and Limited Liability Entity Tax (LLET) receipts fell 6.4 percent.Sales and use tax receipts rose 23.8 percent for the month and has grown 13.6 percent year-to-date.March’s 9.0 percent increase is in spite of the elimination of nearly $100 million in receipts due to the repeal of the bank franchise tax, effective January 1, 2021.” This strong performance in the sales tax reveals that Kentucky’s consumer demand remains strong. Sales tax revenues grew significantly in March, an increase of 23.8 percent. “Individual income tax receipts continue to show extraordinary growth due to both employment and wage growth in the Commonwealth. The withholding component of the individual income tax, which rose 16.0 percent in March, is the best example for economic growth in the labor market. State Budget Director John Hicks remarked that the March increase in General Fund receipts was primarily attributable to the largest two tax accounts, the individual income tax and sales tax. Road Fund collections posted their largest quarterly increase at 5.2 percent after growing 3.5 percent and 2.8 percent in the first two quarters of the fiscal year. ![]() For instance, July 1 fell on a Saturday this year, so SSI recipients received their July payments a day early, on June 30, and their Social Security payment will arrive on July 3.Road Fund receipts for March totaled $141.7 million, a 6.9 percent increase compared to March 2021 levels. However, those payment dates change if the first or third day of the month falls on a weekend or a holiday. ![]() Instead of getting your payments on a Wednesday, you'll receive your Social Security payment on the third day of each month and your SSI on the first day of each month. If you received Social Security benefits before May 1997, or if you receive both Social Security and SSI, the payment schedule is different. Read more: Turning 67 in 2023? What to Know Before You Retire What if I receive both Social Security and SSI? Payments for SSI recipients generally arrive on the first of each month with a few exceptions we get into below.
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