The Blue Ribbon Commission on Tax Reform suggested its findings and recommendations to Gov. Steve Beshear Monday. The commission suggested changes to the state tax code that would generate roughly $659 million in new revenue annually once fully implemented, according to a news release from Frankfort. The proposals would also modernize the tax structure, making it fairer for families and businesses, as the governor was quoted in the release.
“Kentucky faces a structural deficit that could reach $1 billion by 2010 (emphasis added). Revenue growth in Kentucky has slowed in the last several years, especially when compared to earlier periods," as quoted in a report to the commission from a group of consultants.
The Commission approved 54 proposals.
The report can be found here: