Kentucky lawmakers propose more corporate tax breaks on last day of session [View all]
FRANKFORT -- On the legislature’s final day of business in 2019, lawmakers swiftly put together a batch of new corporate tax breaks and corrections to perceived mistakes they included in their previous tax break bill, just signed into law this week by Gov. Matt Bevin.
House Bill 458, as rewritten Thursday morning by the Senate budget committee, will allow more deductions for corporate income taxes owed by multi-state and multi-national companies. These businesses are covered by the “combined reporting” model the state adopted last year to reduce tax avoidance by companies that shift their income across borders between related entities to find the lightest tax rate available.
The bill will create a loss to the state treasury, but nobody yet knows how big a loss, Senate budget committee Chairman Chris McDaniel, R-Latonia, told reporters after the hearing.
“We don’t have any data on it yet. It’s strictly an economist’s guess as to what that will be as it goes forward,” McDaniel said.
Read more: https://www.kentucky.com/news/politics-government/article228531514.html
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