In a letter to lawmakers Wednesday, the Kentucky Chamber, along with several other Chambers from around the state, announced their support for SB 1. The bill, sponsored by Senate President David L. Williams, would create a commission comprised of experts to review the Commonwealth’s current tax code, and make recommendations for the General Assembly in 2012. Unlike past efforts to reform the tax code in an effort to raise revenue, SB 1 focuses on making Kentucky a more competitive place for business. While the Chamber still feels it is crucial to reform government spending in unsustainable areas of the budget, this is a great opportunity to address tax reform in a way that will expand business prospects and job growth throughout our state.
“The Chamber is focused on improving business competitiveness,” said Vice President of Public Affairs Bryan Sunderland. “Taxes matter to business and impact business decisions every day. We need to identify areas of our tax code that limit investment and job growth, so we can act to correct them. An independent review by tax experts can give legislators the necessary information to take appropriate action.”
Senate Bill 1 cleared the Senate in January. It has been referred to the House Appropriations and Revenue Committee for consideration. To read the full press release, click here.