Legislation to decrease the income tax in Kentucky has been given final approval.
Kentucky’s Senate voted 30-5 to pass HB1, which will reduce the income tax rate from four and a half percent down to four percent in the following tax year.
Supporters, such as Senate President Robert Stivers, argue the move puts money back in taxpayer’s pockets.
Opponents call the move shortsighted, that the savings are minimal compared to the loss of revenue for the state.
The bill now heads to Governor Beshear’s desk for his signature.