Lexington, KY – The Blue Ribbon Commission on Tax Reform delivered its 453-page report and recommendations to Gov. Steve Beshear.
Beshear said the commission’s work and research will make the commonwealth’s tax code “fairer, simpler and more responsive to the needs of a 21st century economy.”
From here, the recommendations that tweak the state’s tax structure to the tune of roughly $659 million in new revenue annually will go to the legislature for consideration.
The proposed new revenue streams were achieved by cuts in some areas as well as limits on loopholes. Other areas that are not currently subject to taxation, such as some services, would be taxed if these recommendations are implemented.