HB152

Kentucky HB152 amends the individual income tax rates, introducing a phased reduction over several years.

Kentucky HB152 modifies the individual income tax rates, implementing a gradual reduction over several years. For taxable years beginning on or after January 1, 2023, the tax rate is set at 4.5% of net income. This rate decreases to 4% for years beginning after January 1, 2024, and further to 3.5% for years beginning after January 1, 2026. The bill also outlines specific conditions under which the tax rate may be reduced further, contingent on the balance in the budget reserve trust fund and general fund moneys.