Tax Commission Legislation Clears Senate Panel
The Senate Appropriations and Revenue Committee passed Senate Bill 1, Senate President David L. Williams top priority for the legislative session. SB 1 will create a tax code commission to recommend a completely new tax code to the General Assembly for an up or down vote. Unlike other groups arguing that our tax code needs revision to increase revenue, the purpose of this commission, according to Williams, is to create a pro-growth, revenue neutral tax code to make Kentucky more competitive. Various business groups, including the Kentucky Chamber will be consulted for input. The committee also reported SB 5 (Sen. Leeper), a measure that will require a 48-hour review period before the legislature passes tax or spending measures. Both bills move to the full Senate, where quick passage is expected.