April 4, 2018 10:50am
Tax & Pension Reform Statement
“Lawmakers have taken important steps during the 2018 General Assembly session to make our business climate more competitive. Senate Bill 151 addresses Kentucky’s pension crisis and will help improve the Commonwealth’s financial standing with credit rating agencies. Stakeholders across the Commonwealth provided input on the final provisions included in this bill over the past several months. GLI and its investors applaud lawmakers for including important GLI-backed initiatives such as utilization of level-dollar amortization for paying off unfunded liabilities and limits on how sick days factor into retirement benefits.
The Commonwealth’s tax code has gone years without meaningful reforms and is packed full of inefficiencies, questionable expenditures, and taxes that negatively affect some of our signature industries. As our 2018 State Legislative Agenda notes, GLI supports a simplified, broad-based tax code that promotes business competitiveness. We were pleased to see in House Bill 366 the inclusion of several GLI-backed measures such as lowering and simplifying the corporate and individual income tax rates, the introduction of a single-factor of sales apportionment formula, an increase to the cigarette tax, and a phase-out of inventory taxes. GLI and our investors will continue to evaluate HB366’s specific language and will advocate for improvements where necessary. Specifically, we encourage the legislature to consider equalization of tax rates across all corporations, including banks. Comprehensive reforms take time and we continue to receive stakeholder input.” – Sarah Davasher-Wisdom, COO of Greater Louisville Inc.