Tax Reform Measures and Their Impact on Manufacturers
Some tax reform measures were considered and adopted in the recently completed legislative session. We think most legislators and the Bevin administration consider the provisions adopted as being a first step in moving from an income based system to a consumption based system. It is likely that legislators will discuss further revisions and reforms during the Interim session and possibly have a more comprehensive bill for the 2019 session. Key tax changes that could impact manufacturers include providing for a [...]
2018 General Assembly Recap
The most significant takeaway from this session could very likely be breaking the no-tax cycle and doing it with a Republican majority in both chambers and a Republican Governor. HB 487 makes changes in both corporate and individual income tax provisions, applies the sales tax to some services, and increases the cigarette tax. The bill was not a significant new revenue generator, but depending on what happens this election cycle, it will leave the door open for additional tax [...]
House Bill 366, April 2 – Regular Session (2018)
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 [...]
A Quick Update, March 28 – Regular Session (2018)
Our last weekly report on legislative activity noted that the General Assembly was scheduled to meet on March 27 and 28 for two concurrence days before recessing until April 12 and 13 for two veto override days. As is very often the case, the legislative leadership chose to alter the legislative calendar. By early afternoon on Tuesday, the announcement was made that the General Assembly would not be in session on the 28th, but would return to convene on [...]