Forecast Confirms Weak Revenue Growth for Next Budget
The official body charged with predicting revenues for the state budget met yesterday and confirmed a weak revenue forecast for...
Tax and Budget
Slot Machines Multiplying Rapidly Across Kentucky While State Deeply Undertaxes Them
Betting using instant wagering machines, which resemble and operate similar to slot machines, has exploded across Kentucky and thousands more machines will come online in the near future. Yet the...
Increased Funding Is Improving Kentucky’s Pension Plans
The General Assembly’s return to making full contributions to Kentucky’s pension systems in recent years is improving the systems’ health, as shown in newly available year-end reports. The challenges that...
Policy Choices Pushing Kentucky’s Corporate Taxes Down
When the General Assembly meets to craft a new state budget starting in January, they will do so with less revenue available from corporations. The reduction in corporate tax revenues...
Impact of Cuts to Public Higher Education in Kentucky Continues as Students Begin Classes
College students on campuses across Kentucky are starting a new academic year amidst the state’s continued higher education affordability challenges. With the 2020-2022 budget process around the corner in January,...
Troubling Revenue Picture Emerges Due to Recent Tax Cuts
Last week, the Consensus Forecasting Group (CFG), the official body charged with forecasting revenue for the commonwealth, met to determine planning revenue estimates for the current and next four fiscal...
Kentucky Kids Head Back to School Amid Historically Deep Funding Cuts
Back to school is an exciting time for Kentucky kids and families. It’s also a time to be aware of how cuts to state funding for P-12 education are holding...
Year End Revenues Are Above Projections, But Concerns Remain for the Future
Kentucky ended the 2019 fiscal year with $194.5 million more in the General Fund than was expected based on the revenue estimate – a 1.7% increase compared to the official...
Further Shift from the Income Tax to the Sales Tax is Bad for Kentucky
In interviews leading up to the 2020 session, legislative leaders have expressed their desire to continue down the path of reducing income taxes and paying for the reductions by relying...
Taxing Betting Uniformly Would Generate Much-Needed General Fund Revenue
The 145th running of the Kentucky Derby was over quickly, but the revenue losses from Kentucky’s failure to uniformly tax betting already happening in the state — and to dedicate...