Monday, March 01, 2010

 

Lawmakers Working On State Budget

KENTUCKY...
House Speaker Greg Stumbo said Monday that lawmakers are crafting a state budget that would spare higher education from at least part of an earlier proposed budget cut of 2% for state funding of public universities and colleges in the next two budget years. The 2% cut would produce yearly savings of about $20 million. Stumbo said the spending plan by House leadership would restore about $5 million to $6 million of the proposed cuts for higher education in the first year and another $10 million or so in the second year. Lawmakers are also looking at some changes to the state's tax code, including suspending some tax exemptions, but he says the plan would not raise tax rates. House leaders are considering shifting some bonding money Beshear included in his budget plan. Other proposals include temporarily suspending tax write-offs for businesses reporting losses. Those businesses would still be able to eventually claim those losses for tax purposes. Another would lift the state income tax exemption on the first $80,000 in income for nonmilitary Kentucky residents working overseas.





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