State fails to meet requirements to cut income tax again

Kentucky failed to meet the requirements to once again cut the state’s income tax.

State Budget Director John Hicks said the state met only one of the two requirements set forth by the Kentucky Legislature last year to gradually reduce the personal income tax.

The state had a balance in its “rainy day fund” that was at least 10% of the general fund revenue, but did not meet the requirement for the state’s general fund revenues to exceed appropriations and the cost of a 1% reduction in the state income tax.

As of now, the state personal income tax rate remains at 4 percent.

 

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Zac Oakes is the News and Sports Director for LakerCountry.com and Laker Country WJRS 104.9 FM.