Friday, March 05, 2010
House Approves Revenue Bill
KENTUCKY....
The Kentucky House voted 64-36 Thursday to approve House Bill 530, a revenue package aimed at raising more than $300 million over two years to help fill a gaping shortfall in the next state budget. The proposal would not raise tax rates, relying on such steps as suspending a business tax break, accelerating sales tax collections and capping some tax credits...but would generate an estimated $72 million in the first year of the next budget cycle and $90 million in the second year. Republicans called it a tax increase that's ill-timed during a period of high unemployment and lackluster corporate income tax collections in Kentucky, saying it will keep small businesses and big businesses out of Kentucky, Representative Harry Moberly (D-Richmond) says the proposal is a tax suspension, not a tax increase, and write-offs generally benefit large companies with multiple subsidiaries.
The Kentucky House voted 64-36 Thursday to approve House Bill 530, a revenue package aimed at raising more than $300 million over two years to help fill a gaping shortfall in the next state budget. The proposal would not raise tax rates, relying on such steps as suspending a business tax break, accelerating sales tax collections and capping some tax credits...but would generate an estimated $72 million in the first year of the next budget cycle and $90 million in the second year. Republicans called it a tax increase that's ill-timed during a period of high unemployment and lackluster corporate income tax collections in Kentucky, saying it will keep small businesses and big businesses out of Kentucky, Representative Harry Moberly (D-Richmond) says the proposal is a tax suspension, not a tax increase, and write-offs generally benefit large companies with multiple subsidiaries.
# posted by Homer Owens @ 4:04 AM 
