News

Actions

Chilton: Tax Bill Overestimated Revenue

Posted at 10:54 AM, Apr 13, 2018

FRANKFORT, Ky. (LEX 18) The Kentucky Budget Director says that after reviewing Governor Bevin’s veto of House Bill 366, he has found that the bill overestimated the amount of revenue that the state would get back.

"My team and I have spent the past ten days with tax experts, as well as legislative leaders and staff, analyzing, scoring and attempting to correct HB 366," reads John Chilton’s post in part.

If there is an override of the budget but not HB 366, the state will need to come up with $480 million to balance the budget.

"It is now evident that bill, as it was written, overestimated the revenue that would have resulted from it by as much as $87 million," said Chilton.