Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

Owensboro Chamber Learns of Kentucky Tax Code Reform Proposals, Hears Economic Development Update

rooster booster 300OWENSBORO, Ky. (4/12/13) – Kentucky’s existing tax code creates a lack of “fairness” for taxpayers, and proposed reforms are before the Kentucky legislature for its consideration to adjust those imbalances.
 
That was the message from John Williams during the Greater Owensboro Chamber of Commerce’s Rooster Booster monthly meeting, held at Owensboro Christian Church on Thursday morning, April 11.
 
Kentuckians in the lowest income bracket pay 10.8 percent in taxes on average, while people in the highest income bracket pay 5.1 percent in taxes on average. Williams said that is something the committee he worked with hopes its recommendations will change to make the system more equitable.
 
Williams said “the biggest single comprehensive” challenge for Kentucky’s tax system is the need to adjust “allocations of tax income on businesses.” He said businesses that operate in multiple states are assigned an inventory tax that is “anti-competitive.”
 
Other tax changes proposed include a proposed one percent sales tax on consumable services with 100 percent of the proceeds from that tax going to the state’s SEEK formula, which pays school districts based on enrollment and attendance populations; a 40-cent tax increase on cigarettes, bringing the tax amount to $1 per pack; eliminating itemized deductions on income tax; and prorating taxes on retirement income on an individual basis. Williams said people who collect more than $30,000 at retirement would be expected to pay taxes, but anyone with less than that amount would be exempt.
 
“Those of us who can afford it can pay our fair share,” he said.
 
So far, only 11 of the 54 recommendations have been approved by the general assembly, including the allowance of tax credit on automobiles when trading in a vehicle. The rest are expected to be considered as part of the general assembly’s agenda when it convenes in special session later this year. All told, Williams said, the entire tax package would generate approximately $600 million in new revenue for Kentucky.
 
Also during the Rooster Booster breakfast, Greater Owensboro EDC President Nicholas Brake told the audience he thinks it’s time to start looking at “what’s next” for the city of Owensboro and Daviess County.
 
“What’s next in the context of the next generation?” he asked. “What do we want the community to look like or be like 25 to 50 years down the road? How do we remain competitive?”
 
Brake said the first area the community needs to consider is energy, especially in the wake of the smelting crisis. Both of the region’s aluminum smelters are in fragile talks with Big Rivers over energy prices, and have threatened to close their plants if they can’t work out a deal.
 
Brake said the other areas to consider include the need for I-67 and continued improvements in education in order to, as he put it, “educate our way to a better economy.”

Dennis Beard 
SurfKY News
Photo provided by SurfKY Graphics

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

Posted on 2/2/14

Latest Video

Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Stock Report

1 DOW 16,948.85
-94.05 (-0.55%)    
2 S&P 1,959.85
-12.44 (-0.63%)    
3 NASDAQ 4,458.13
-35.26 (-0.78%)    
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Most Read This Week (Site-Wide)

September 27, 2014 3928

Hopkins County Grand Jury Misdemeanor Indictments

in News by Karen McKnight
September 29, 2014 3558

Endless Road Strings Bring Orchestra Mix to…

in Top Stories by Paul McRee, SurfKY News
September 27, 2014 2902

Sinister on Center Takes Haunted Manor to Whole…

in Top Stories by Charles W. Riley II, SurfKY News
September 29, 2014 2438

One Injured in Single-Vehicle Collision on…

in Top Stories by Rita Dukes Smith, SurfKY News Director
September 29, 2014 2370

Man, Woman Charged with Violating EPO Against…

in Top Stories by Madisonville Police Department
September 28, 2014 2336

Community Shows Support to Muhlenberg Humane…

in Top Stories by Charles W. Riley II, SurfKY News
September 28, 2014 2094

Marching Mustangs Take Third in Ohio Competition

in Top Stories by Information provided by Shawna Hendrix
September 29, 2014 2081

Man Charged with PI, Drugs, After Allegedly…

in Top Stories by Madisonville Police Department
September 27, 2014 1793

Hopkins/Webster Counties Native, Paducah Writer…

in Top Stories by Amber Averitt, SurfKY News
September 27, 2014 1778

Happenings and Meetings - Hopkins County

in News by Amber Averitt, SurfKY News
September 29, 2014 1566

Man Arrested for DUI, Marijuana Possession

in Top Stories by Madisonville Police Department

Most Read Stories from Hopkins County

September 29, 2014 2438

One Injured in Single-Vehicle Collision…

in Top Stories by Rita Dukes Smith, SurfKY News Director
September 29, 2014 2370

Man, Woman Charged with Violating EPO…

in Top Stories by Madisonville Police Department
September 29, 2014 2081

Man Charged with PI, Drugs, After…

in Top Stories by Madisonville Police Department
September 29, 2014 1566

Man Arrested for DUI, Marijuana Possession

in Top Stories by Madisonville Police Department
September 28, 2014 1406

Angel Garden Dedicated at Baptist…

in Top Stories by Tammy Holloway, SurfKY News

Most Read Stories from Muhlenberg County

September 29, 2014 3558

Endless Road Strings Bring Orchestra Mix…

in Top Stories by Paul McRee, SurfKY News
September 28, 2014 2336

Community Shows Support to Muhlenberg…

in Top Stories by Charles W. Riley II, SurfKY News
September 28, 2014 2094

Marching Mustangs Take Third in Ohio…

in Top Stories by Information provided by Shawna Hendrix
September 29, 2014 1437

One Injured in Two-Vehicle Collision

in Top Stories by Trooper Stu Recke
September 29, 2014 1433

Fourteen Year Old Parker Hastings Wins…

in Top Stories by Paul McRee, SurfKY News

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 03social 04social 22social 21social 06