The Kentucky House GOP plans to pass an income tax cut this week
FRANKFORT — Republican House Speaker David Osborne says his GOP supermajority in the House plans to pass a bill this week that would continue to cut state income taxes, a big priority for the GOP leadership. telegram long before this year’s legislative session.
Osborne on day one of the legislative session said House Bill 1, the vehicle for further income tax cuts introduced Tuesday, would likely pass the House on Thursday. The law will lower the state income tax rate from 4.5% to 4%, confirming that various “triggers” for adequate revenue from the previous fiscal year have been met.
“Well, of course it’s coming out of the state coffers – about $600 million dollars this year,” said Osborne. “We happen to believe it is good policy to allow taxpayers to keep more of their hard-earned money.”
Osborne said taking the income tax rate to 4% would cost the