tax

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Kentucky is one of six states that have an inheritance tax. It generates about $50 million in revenue each year by taxing money or property bequeathed to a deceased person’s relatives — though not close relatives like children or a spouse — and others.

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Many Kentucky lawmakers are calling a local option sales tax their highest priority this legislative session. The legislation would allow local governments to put public projects on the ballot and allow residents to vote on paying a sales tax to fund the project. This bill has been an issue among conservative groups, namely the United Kentucky Tea Party. Commentator Richard Nelson takes issue with the proposal and says Kentuckians are already over-taxed.

The Internal Revenue Service has warned of tax season chaos if Congress fails to pass a series of breaks by the end of November. The so-called tax extenders include everything from deductions for school teachers who buy classroom supplies to faster depreciation for business equipmentent.

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Officials with the Kentucky Department of Revenue hope a new automated collection system will help the state efficiently collect delinquent taxes. The new $20 million system went on-line this fall. 

 

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Lt. Gov Jerry Abramson presented a draft of Governor Steve Beshear's proposed tax code changes to the House budget committee today, which was first announced by Beshear last week. The changes, if fully implemented, could raise an estimated $210 million annually by expanding the 6% sales tax to select services, an increased tax on cigarettes from 60 cents to $1 dollar per pack, and reducing tax breaks on pensions for people earning more than $80,000. On Sounds Good, Kate speaks with policy analyst and member of the Governor's Blue Ribbon Committee on tax reform, Jason Bailey about the events of the day.

hopkinscountyhabitat.com

Habitat of Hopkins County has built 57 homes since 1990, involving families, many volunteers, and robust fundraising. Hopkins County Habitat for Humanity aims to build 4 new homes this year.  Its executive director Heath Duncan is with us on Sounds Good to talk about how they get this done with local volunteers and “caravaners.”

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Tennesseans doing back-to-school shopping have the opportunity to stretch their dollars during this weekend’s annual sales tax holiday.  It started at 12:01 this morning and ends at one minute before midnight Sunday. Sales tax-exempt merchandise includes computers, clothing and an array of school supplies. The Tennessee Department of Revenue’s website has details for merchants and shoppers on exactly what items are tax-free.

Henry County Wheel Tax Drop

Jul 2, 2012

Henry County, Tennessee, has reduced its county wheel tax by more than half two years ahead of schedule. The yearly tax went down from $34 to $15.50 this month with the start of the fiscal year. 

Tennessee State Revenue More than Budgeted

May 9, 2012

Tennessee has collected $190 million dollars more than budgeted so far this fiscal year. Finance and administration officials say April collections were 9.6 percent over those in April a year ago. Sales tax collections for April recorded their 25th straight month of growth. 

Afternoon Round-Up 5/4/12

May 4, 2012
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Today on NPR:  Caretaker Of Kentucky Derby Track To Retire

Around the Commonwealth:

The Blue Ribbon Tax Commission picked three professors to act as consultants as the group considers changes to the state's tax code.

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