Kentucky fails to meet fiscal trigger to allow for another income tax cut
Kentucky Republicans’ goal of gradually eliminating the state income tax has met an obstacle of their own making. State tax revenues failed to meet a fiscal requirement set by the GOP-controlled legislature in order to consider further income tax cuts during next year’s legislative session, according to a letter from the state budget director. The General Assembly […]
Kentucky’s ‘rainy day’ fund reaches new heights due to tax revenue surplus
FRANKFORT — Kentucky’s budget reserve trust fund, commonly known as the “rainy day” fund, now sits at more than $3.7 billion in large part due to record tax revenues brought in by the state during the last fiscal year. State Budget Director John Hicks told state lawmakers at an interim committee meeting Wednesday the budget […]
Displaced students find educational refuge in Kentucky
When Lisibeth Ochoa Borjas flew from her native country of Venezuela to Kentucky to visit her family, she never expected that it would become her new home. Ochoa Borjas, 39, came to the Bluegrass State in 2019 to see her brother and his family. But when COVID-19 hit, Venezuela closed its borders for a year, […]
Kentucky reports another record surplus. Will it lead to a third income tax cut?
Kentucky brought in a record $15.1 billion in general fund tax revenue during the last fiscal year — the most ever — buoyed by a strong jobs market, increasing salaries and wages and continued industry profits, the state budget director’s office announced Monday. Revenue in fiscal year 2023 exceeded budgeted expectations by about $1.4 billion, […]