FRANKFORT —
A Blue Ribbon Tax Commission appointed by Gov. Steve Beshear is recommending raising about $690 million in new revenue by lowering corporate and individual tax rates while limiting some deductions, raising tobacco taxes and extending the sales tax to some services.
The proposals face an uncertain reception in the General Assembly, which has been reluctant to take on tax reform because of fears lawmakers will be accused of raising some taxes.
Even Lt. Gov. Jerry Abramson, who chaired the commission, conceded some of the proposals aren’t likely to pass legislative muster.
“I think there are some items on here that have little or no chance,” Abramson said after Thursday’s meeting. “But that’s the politics of the General Assembly and the governor.”
Even if the full package were to clear the legislative hurdle, the full amount might not be available for expanded services because the legislature will also receive recommendations from a pension tax reform task force to begin annually appropriating more than $300 million to shore up those funds.
“There’s connectivity between those two issues – there’s no doubt about that,” Abramson said. “But we didn’t make our decisions based on any looming financial cliff from the pension side of the equation. We tried to meet the governor’s five standards: fairness, competitiveness, elasticity, simplicity; and adequacy.”
For the full story, see the print or E-edition of Friday's Glasgow Daily Times.
Local News
December 6, 2012
Ky. tax commission makes recommendations to raise state revenue
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