Impacts Of Possible Tax Reform

Posted at 2:59 PM, Apr 03, 2018
and last updated 2018-04-03 14:59:00-04

LEXINGTON, Ky (LEX 18) The largest tax reform bill in a decade was passed Monday night by the Kentucky House and Senate. LEX 18’s Michael Berk breaks down that bill and what could help or hurt. 

Some of Kentucky’s lawmakers don’t approve of the results from Monday night’s session, but HB 366 will be sent to Governor Bevin’s desk now and his signature would make it law. 

Woon, we might all enjoy a reduction in state income tax, but it’ll cost us more elsewhere. One way it will affect you, is if you are a pet owner.

Pets are expensive and not only when they get sick or are hurt. Annual check-ups are essential too, all of these and grooming services will be taxed at a higher rate.

 “We find problems sometimes when we’re grooming, that may not have been picked up otherwise. so again, I feel like it’s an important service,” said Kathryn Farmer at Sheabel Vet Hospital.

Just like regular check-ups are important for your pet, regular maintenance is important for your vehicle. Prices of regular vehicle maintenance would rise with the new legislation. 

Prices of cigarettes would be raised 50 cents per pack.

Some lawmakers feel the roughly 500 million dollar plan will revitalize the state’s economy and help fund the pension.

"I don’t think it’s a bad thing that the state will have more money to put towards things like that," said store owner Leisa Libby.

Monday’s passage by the House and Senate allows the members to override the Governor’s veto.