4:24pm

Tue December 18, 2012
The Commonwealth

Tax Commission Files Report

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:

http://ltgovernor.ky.gov/taxreform/Documents/Report/TaxReformCommissionReportFinal.pdf