Bill to bring transparency and efficiency to tax code heard at Capitol
Lawmakers discussed legislation to promote much-needed transparency, efficiency, and equity to the administration of Kentucky’s tax code in committee and in a press conference on Tuesday.
Bills aimed at bringing more transparency and placing new rules on deadlines and interest limits on the Department of Revenue have been filed in the 2015 session by Rep. Tommy Thompson.
House Bill 361, the Taxpayer Rights Enhancement Act, would impose administrative requirements on the department regarding taxpayer protest and refund claims. It would also impose educational and transparency measures.
An issue often discussed but never tackled in Frankfort always seems to be tax reform. During the 2015 session, it is again highly unlikely lawmakers will make changes to the state’s tax code.
In a House committee Tuesday, Rep. Tommy Thompson and representatives from the Kentucky Chamber and the Kentucky CPAs discussed the bill with legislators. (Testimony from the committee meeting can be seen below.)
The legislation seeks to bring more fairness to the state’s tax code by providing more information and guidance about our tax laws to taxpayers, business owners, and tax professionals. The added transparency and efficiency means less confusion, greater compliance, a better business climate, and ultimately, more revenue.
Later in the day, Kentucky Chamber President and CEO Dave Adkisson joined Rep. Thompson to express the business community’s interest in reforming the system. See video of the press conference below: