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Lawmakers returned to Frankfort Tuesday to reconvene the 2023 session of the General Assembly.
The first bill of the session has been sent to the governor's desk after being passed by the Senate. If he vetoes the bill, the General Assembly will have plenty of time for an override vote.
House Bill 1, sponsored by Rep. Brandon Reed, carries out another reduction in Kentucky’s income tax, initiated by legislation passed in the 2021 session that put the state on a path to eliminate the individual income tax.
The first reduction, moving the individual income tax from 5 percent to 4.5 percent, took effect January 1, 2023. And now, House Bill 1 will codify this as well as reduce the tax by another 0.5 percent to 4 percent effective January 1, 2024.
The state House passed the bill through committee and on the floor in January and on Wednesday, the second day back in session, the Senate Appropriations and Revenue Committee approved the bill before it passed the full Senate 30-5 in the afternoon.
We are following other bills and will have updates each week. As members of the business community, your voice is critical. When issues important to your business arise, we want to know and want to help. There is always strength in numbers.
The Kentucky Chamber is hosting Small Business Day at the Capitol on March 1st starting at 8:30AM CST. If you are interested in participating, let our staff know.
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