FRANKFORT, Ky. (AP) — Gov. Andy Beshear signed a Republican-backed tax cut bill Friday, saying he hopes it provides relief for Kentuckians struggling with high prices amid stubbornly high inflation.
Beshear's action on the measure — which will lower the state's individual income tax rate — comes after the proposal drew Democratic opposition as it moved through the GOP-dominated legislature.
The measure will lower the state’s individual income tax rate by a half-percentage point to 4%, effective Jan. 1, 2024. It follows up on last year’s tax overhaul, which resulted in a reduction of the tax rate from 5% to 4.5% at the start of this year. The new measure finalized that cut.
The governor is facing a tough reelection campaign this year in Republican-trending Kentucky.
