Tax Reform Commission Targets $700 Million In Savings

Dec 6, 2012

FRANKFORT, Ky. - After a nearly year-long review, Kentucky's Commission on
Tax Reform has approved recommendations that could generate nearly $700 million
a year.


 
Some $500 million of that would come from individual income taxes. Another $200
million would be generated by expanding the state's sales tax to household
utilities and several services that have traditionally been exempt.
 
Lt. Gov. Jerry Abramson, who chaired the Blue Ribbon Commission on Tax Reform,
said the recommendations will be presented to Gov. Steve Beshear on Dec. 17. The
goal is to draft legislation for lawmakers to consider when they convene next
month.
 
Beshear has said he's not sure lawmakers will have time to pass tax reforms in
the session that ends in mid-March. He said he's prepared to call a special
session next year if necessary.