House Bill 366, April 2 – Regular Session (2018)KAM
The Kentucky Association of Manufacturers (KAM) congratulates the Kentucky General Assembly for passage of HB 366, a significant tax reform package. KAM, as a non-partisan association, has strongly advocated a series of changes to our tax code for more than ten years that would make Kentucky more competitive in the national and global marketplaces. Continuous improvement is a foundational tenet of manufacturing. As makers of products used worldwide and creators of the jobs to make them, we believe that the Commonwealth’s tax structure should also follow this principle. Although not including all our recommendations, with the passage of this legislation today, the Commonwealth heeded many of those recommendations and took a critical step forward by updating Kentucky’s antiquated tax code.
Kentucky has accomplished this by lowering the individual and corporate income tax rates; applying a single sales factor apportionment formula; conforming to the new federal tax code; and establishing an inventory tax credit. This legislation will help our manufacturers create new jobs and expansion opportunities, as well as attract new investment and industries.
Today Kentucky sent a message to our competitor states—we are upping our game and looking to add even more business expansion in the Commonwealth.
Thanks to all who listened to Kentucky’s manufacturers and voted for the tax changes.