KY Chamber of Commerce won't immediately push for tax reform, Adkisson says
01/18/2011 07:10 PM
Kentucky’s business community won’t be lobbying for a full effort to revamp Kentucky’s tax code because leaders are concerned it might end up increasing the tax bill, Kentucky Chamber of Commerce President Dave Adkisson said.
“Our hesitance in joining that call for comprehensive tax reform is that our sense is that probably eight out of 10 people calling for tax reform are really calling for additional revenue,” Adkisson said on Tuesday’s edition of Pure Politics.
The Republican-led Senate passed a bill earlier this month that would create a task force to recommend ways to revamp Kentucky’s tax code. House Democrats have said they don’t like the part of the bill that doesn’t allow lawmakers to alter whatever plan the group recommends.
Adkisson said ultimately the business community would like to see corporate tax rates — which are currently at 6% — become “more competitive.” The legislature lowered the corporate tax rate from 8% to 6% during a restructuring of the tax code in 2005 under then-Gov. Ernie Fletcher.
Adkisson said the business community would love to pay no income taxes lower but that it must be balanced with the state government’s need to adequately fund the public school system to train future workers.
“We would like to see that done away with,” he said of the corporate income tax rate. “That’s not our guiding star, in terms of dialogue. Our basic premise would be what can we do to make that more competitive.”
- Ryan Alessi
(Correction: An earlier version of this post incorrectly stated that Tennessee didn’t have a corporate income tax. Tennessee has a corporate income tax rate of 6.5% but not a personal income tax. The reference to Tennessee has been deleted.)
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