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Cities, Counties to Share Excess Severance Tax Revenue
By: Associated Press
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FRANKFORT, Ky. (AP) – Kentucky Gov. Matt Bevin says more than $15 million in excess coal severance tax revenue will be allocated to cities and counties that qualify through a revenue-sharing program.
The governor said Monday that 49 counties and 122 municipalities will share the money.
State law directs that if coal severance revenue in a fiscal year exceeds the official estimate, all of the excess revenue is to be allocated to qualifying local governments.
The governor’s office says the actual severance tax revenue collected last fiscal year exceeded the official projection by more than $15 million.
Local governments can use those funds in a variety of ways – including for public safety, environmental protection, health, social services, public transportation and workforce training.