The bill would cut the current tax rate to 4% in 2024, if revenue goals are met. The income tax rate just went down to 4.5% on January 1, as more sales tax exemptions were lifted.
Critics worry the loss of state revenue would impact funding for programs and disproportionately hurt lower income families. However, Republicans point to the positive track of the state's economy, and incoming investments and say it's time to put more money in taxpayer pockets.
Bill to reduce Kentucky's income tax picking up support in Frankfort
- by: Conroy Delouche
- 01-05-2023
- Source:
WDRB
- 07/20/2023
One hundred dollars, detailed dollar banknote by engin akyurt is licensed under Unsplash unsplash.com
The push to make Kentucky's income tax even lower is picking up steam in Frankfort. House Bill 1 passed the entire House floor Thursday afternoon, after passing through a committee in the morning.
One hundred dollars, detailed dollar banknote by engin akyurt is licensed under Unsplash unsplash.com
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