Economy

House Speaker Greg Stumbo is no longer demanding that any legislation calling for a constitutional amendment to legalize gambling in Kentucky start in the Senate. "That line in the sand doesn't have to be drawn anymore," Stumbo told reporters during a Capitol press conference on Thursday. "I don't care if it's a House bill or a Senate bill."

The No. 1 priority for the Kentucky House in 2013 is set: Tackling recommendations from a recent report that found that special tax districts have big budgets and little oversight.  Auditor Adam Edelen recently finished a report on the districts, detailing billions of dollars in spending with little or no oversight.

A tax expert is warning state officials that Tennessee would be among the hardest-hit states if federal officials don't resolve the so-called fiscal cliff. The Chattanooga Times Free Press reports Dr. Stan Chervin updated Gov. Bill Haslam and other state officials, saying states that depend heavily on sales taxes for revenue would feel the most stress if tax breaks are not extended.

What is expected to be the final meeting of the Blue Ribbon Commission on Tax Reform has been set for next week in Frankfort. Members will be finalizing their recommendations for reforming Kentucky's tax code in the meeting that's set for Dec. 6.

The Department of Revenue has fielded up to 1,000 calls a day in the final week of Kentucky's amnesty offer to delinquent taxpayers. The rising interest has prompted the Department of Revenue to extend operating hours at 10 field offices around the state.

State employees with higher pensions should pay more to help the underfunded systems recover, Kentucky House Speaker Greg Stumbo said in a recent interview. One thing Stumbo doesn't want to see is lawmakers floating bonds to help pay for the state’s underfunded pensions.

Gasoline Prices Expected to Break Records

Nov 22, 2012

The recent downtrend in gasoline prices has been welcome news for many American motorists, but the Petroleum Analysts at GasBuddy.com say the cost of filling the tank will hit a new record high this Thanksgiving.

Kentucky's state pension plans have problems, and a bipartisan legislative task force has approved sweeping recommendations to overhaul them -- including putting new employees in a hybrid plans akin to 401Ks.

The task force -- with an 11-1 vote -- is recommending that the General Assembly start fully funding their pension contributions starting with the next budget in 2014. Lawmakers’ inability to do that is part of the pension plans problems.

A task force in Tennessee is trying to encourage independent grocers to locate more outlets in low-income areas. The Tennessee Grocery Access Task Force is a coalition of more than 50 private and public sector groups who want to see a financial incentive program developed to encourage independent grocers to locate in so-called "food deserts."

The Kentucky House speaker said the commission charged with proposing changes to Kentucky's tax code is "backing away" from controversial issues. House Speaker Greg Stumbo said in a recent interview that the Blue Ribbon Commission on Tax Reform needs to be bolder. He said the appointed commissioners are approaching the tax code issues as if they have political capital to lose, refusing to offer new ideas.

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