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Thu December 6, 2012
Tax Reform Commission Finds $700M in Recommendations
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, with another $200 million coming from expanding the state's sales tax to household utilities and several services that have traditionally been exempt.
Panel chair Lt. Gov. Jerry Abramson says the recommendations will go to Gov. Steve Beshear on Dec. 17. The goal is to draft legislation for lawmakers to consider when they convene next month. Beshear says he's not sure lawmakers will have time to pass tax reforms in the session that ends mid-March. He says he's prepared to call a special session next year if necessary.