income tax

State budget leaders sit at a desk presenting details on the state's rainy day fund.

Kentucky’s ‘rainy day’ fund reaches new heights due to tax revenue surplus

BY: - August 2, 2023

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 […]

Beshear releases tax returns

BY: - April 17, 2023

Gov. Andy Beshear on Monday released his federal and state income tax returns, showing he and wife Britainy had $194,094 in gross income in 2023. Of that amount, $150,835 came from his salary as governor. The rest was mainly from dividends and interest. A news release from the governor’s office said: “For the seventh consecutive […]

Beshear signs Republican legislature’s income tax cut into law

BY: - February 17, 2023

FRANKFORT — Gov. Andy Beshear has signed the Republican legislature’s top priority, another cut in the state income tax, although the Democratic governor said lowering the sales tax would have helped more Kentuckians. Facing reelection this year,  Beshear said in a video Friday that he decided to sign the legislation, which most Democratic lawmakers had […]

Income tax cut bill passed through the Kentucky Senate, headed to governor’s desk

BY: - February 8, 2023

The GOP-controlled Kentucky Senate passed legislation Wednesday afternoon along party lines that would further cut the state’s income tax to 4%, sending the bill to the desk of Democratic Gov. Andy Beshear who remains mum on whether he’ll veto the tax cut.  House Bill 1, highlighted by Republican lawmakers as a priority to pass well […]

Kentucky House GOP plans to pass income tax cut this week

BY: and - January 3, 2023

FRANKFORT — Republican House Speaker David Osborne says his GOP supermajority in the House of Representatives plans to pass a bill this week that would continue to cut the state’s income tax, a big priority that GOP leadership telegraphed well ahead of this year’s legislative session.  Osborne on the first day of the legislative session […]

Kentucky groups urge lawmakers to reject another income tax cut

BY: - December 16, 2022

A coalition of 28 Kentucky organizations is urging lawmakers to reject additional cuts in the state income tax when the legislature convenes Jan. 3. “Record surpluses used to justify the cut are largely a mirage,” says a letter sent Friday to members of the General Assembly and released by the Kentucky Center for Economic Policy.  […]

Robust revenue growth forecast, setting stage for GOP to cut Kentucky income tax next month

BY: - December 14, 2022

FRANKFORT, Ky. – Kentucky can expect a big revenue surplus of $1.4 billion when the state’s current fiscal year ends on June 30. That was the prediction Wednesday of a group of experts — called the Consensus Forecasting Group — which is charged with making official forecasts of revenue for budgeting purposes. If the forecast […]

Elementary school students sitting at desks wearing masks

Republicans poised to cut Kentucky income tax again based on revenue boom that could be fleeting

BY: - November 30, 2022

FRANKFORT – Kentucky House Majority Leader Steven Rudy recently told a receptive audience at a Kentucky Chamber of Commerce forum that the first bill the House will consider when it convenes in January will be a measure to cut the Kentucky income tax rate from 4.5% to 4%. “I think it is very cool for […]