KENTUCKY – Gov. Bevin Signs Tax Cut Bill That Will Reduce State Revenue By $106 Million A Year

Gov. Matt Bevin on Tuesday signed into law a measure that that will cost Kentucky’s $11 billion General Fund an estimated $106.6 million a year once fully implemented. House Bill 354 contains changes to parts of the tax code that will mean less revenue for the state in coming years in exchange for tax cuts for banks, among others. It also includes an exemption to the state’s Open Records Act, sought by the Kentucky Department of Revenue, so the public no longer can request certain tax-related documents, such as final tax rulings and requests for tax guidance. General Fund revenues already are expected to fall $22.1 million short of projections in the fiscal year that ends June 30, according to the state budget office, so another round of tax breaks is likely to mean more cuts to come in state programs, such as education and social services.