KY House Speaker Favors Roll Back of Sales Tax
Frankfort, KY – House Speaker Greg Stumbo says he'd like to see a roll back of Kentucky's sales tax to five percent and the elimination of the state's corporate income tax. Stumbo says those are two of the options House lawmakers are considering in a tax reform proposal that could be considered in the current legislative session. He says the loss of revenue from those two taxes could be made up by eliminating a broad array of tax exemptions and ensuring that all residents and businesses are paying their fair share.
Longstanding proposals for reforming Kentucky's tax system are getting a closer look this year because of the state's lingering financial problems.