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Closing Corporate Tax Loopholes to Fund Investments in Kentucky Families

Jason Bailey | February 10, 2015

EITC graphic 10House Bill 374 would close several corporate tax loopholes that allow some profitable corporations to avoid paying their fair share of taxes, and use the resources to fund a tax credit for Kentucky’s working families. The bill targets strategies that major corporations use to artificially shift profits to subsidiaries in no- or low-tax states or foreign tax havens. It would generate $66 million to fund a state Earned Income Tax Credit (EITC), a proven tool to help lift working families out of poverty. HB 374 is a step toward the kind of tax reform Kentucky needs.

Corporate Loopholes EITC

More On Budget & Tax: What Could Kentucky Do With $1.2 Billion a Year? 

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Perspectives

Income Tax Reduction Is Another Blow to Rural Kentucky

Kentucky Should Not Volunteer for Greater Inequality by Becoming More Like Tennessee

Regressive Kentucky Laws Are Bringing Back the Bad Old Days

Coalition of Kentucky Organizations Sends Letter to Lawmakers: Fund Kentucky’s Future, Not Tax Cuts

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