Kentucky Senate sends income tax cut bill to governor
FRANKFORT, Ky. (AP) – Republican lawmakers have wrapped up work on a bill making a deeper cut in Kentucky’s individual income tax rate.
The Senate passed the bill Wednesday. It now goes to the governor.
For Republicans, it’s another step toward achieving their goal of phasing out individual income taxes.
The attention will quickly shift to whether Gov. Andy Beshear signs it.
The bill would lower the individual income tax rate by a half-percentage point to 4%, effective Jan. 1, 2024.
It follows up on last year’s tax overhaul, which reduced the tax rate from 5% to 4.5% at the start of this year.