Economy
5:41 pm
Thu December 6, 2012

Kentucky's Tax Reform Panel Offers Ideas for Millions in Savings

After a nearly year-long review, Kentucky's Commission on Tax Reform has approved recommendations that could generate nearly $700 million a year.

Some $500 million of that would come from individual income taxes. Another $200 million would be generated by expanding the state's sales tax to household utilities and several services that have traditionally been exempt.

Lt. Gov. Jerry Abramson, who chaired the Blue Ribbon Commission on Tax Reform, said the recommendations will be presented to Gov. Steve Beshear on Dec. 17. The goal is to draft legislation for lawmakers to consider when they convene next month.

Beshear has said he's not sure lawmakers will have time to pass tax reforms in the session that ends in mid-March. He said he's prepared to call a special session next year if necessary.