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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.

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More On Budget & Tax: Governor’s Budget Increases Funding for Relief and Reinvestment

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Perspectives

Kentucky Must Remove the Roadblocks to Unemployment Insurance — Our Most Important Economic Stabilizer

Many Kentuckians Face Hunger and Hardship This Thanksgiving. They Need Relief.

Kentucky Lives and Livelihoods Are on the Line with Supreme Court Challenge to ACA

Letter to Governor Beshear: Priorities for Use of Remaining Coronavirus Relief Fund Monies

Congress Can’t Go Home Without Passing a Strong Aid Package

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Governor’s Budget Increases Funding for Relief and Reinvestment

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Any Action on Proliferating Slot Machines Must Raise Artificially Low Tax Rate

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Defeating the Pandemic and Building a Robust Recovery: A Preview of the Budget of the Commonwealth

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