FRANKFORT, Ky. (LEX 18) — Kentucky lawmakers gaveled into the 2023 legislative session on Tuesday and their number one priority was quickly set: another income tax cut.
“Republicans are going to continue to cut personal income tax rates for Kentuckians," said Senate Majority Floor Leader Damon Thayer. "That’s going to be the big story for this session.”
House Bill 1 is the measure that would do that. If it passes, it will cut the income tax rate from 4.5% to 4% in 2024.
Rep. Cherlynn Stevenson, the House Minority Caucus Chair, doesn't think that's the right direction for Kentucky.
“We know that these cuts primarily help the very wealthy and that’s not what we think is the best thing for our commonwealth," Stevenson said.
House Speaker David Osborne disagrees with that take. He believes income tax cuts help all Kentucky save money.
"We happen to believe that it’s good policy to help taxpayers keep more of their money," said Osborne.
Osborne believes House Bill 1 will pass out of the House this week - as early as Thursday. The Senate would then take the measure up in February, once lawmakers return for Part 2 of the 2023 session.
