Bill to Drop Kentucky Individual Income Tax Headed to Governor’s Desk
Kentucky’s House Bill 1 is now on its way to the desk of Governor Andy Beshear.
The bill would lower the state’s individual income tax rate by half of a percentage point, to four-percent effective January 1st of 2024.
If signed by the Democratic Governor, the tax rate would be cut for the second straight year, with hopes of totally eliminating the tax in the state.
The individual income tax reduction passed the Republican led house last month, and passed last week by a vote of 30-to-5 in the Republican led Senate.
Reports said a State lawmaker openly dared Beshear to veto the bill in the midst of an election campaign, after the Governor made earlier comments of “keeping an open mind” about the measure.
Kentucky lawmakers will return for Day 9 of their 30-day legislative session on Tuesday.