Governor Steve Beshear today unveiled his legislative plan to modernize Kentucky's tax code by strengthening the state's ability to create jobs, expand existing industry, and ensure a healthier workforce and economy.
The "Kentucky Competes" tax reform plan creates a 21st century tax code to match Kentucky's 21st century economy, thereby creating additional revenue as the economy grows.
"Kentucky's current tax code hampers our people and our businesses, preventing us from growing the economy we need and deserve," Gov. Beshear said. "This plan simplifies our tax code, creates an even more attractive business climate for current and future businesses, and offers some relief to every working Kentuckian."
The plan is based on the recommendations of the Governor's Blue Ribbon Commission on Tax Reform, led by Lt. Governor Jerry Abramson. The Commission spent months holding town hall meetings in each of the state's six congressional districts to gather information from all interested Kentuckians.
"If Kentucky wants to be competitive in the 21st century and offer employees an educated, productive and skilled workforce, we must enhance our ability to attract and retain jobs by modernizing our tax system," Lt. Gov. Abramson said. "The Governor's "Kentucky Competes' tax reform plan does just that by making specific recommendations on how to update the Commonwealth's antiquated tax system and make us more competitive at all levels."
The 23 Commission members combined that grassroots information with analysis from respected tax consultants to create a report from which the Governor has drawn many of his plan's proposals.