The 2022 regular session of the General Assembly wrapped up about six weeks ago, but legislative leaders are looking ahead to issues they plan to address when they convene for the 2023 session in January.
House Speaker David Osborne, R-Prospect, described some of the work that is already underway. “We have empowered our committee chairs to develop agendas, to pick up on things that were undone last session. Things that maybe needed to be vetted a little more, maybe a little more scrutiny. At the same time, transition into those things that will be developed over the interim.”
Tax reform, budgeting, school choice, and school safety are all things Osborne anticipates to be his chamber’s top priorities.
Senate President Robert Stivers, R-Manchester, said money is at the top of his list. “I think the first thing we’re going to look at is to see how our revenues have done. It’s interesting to compare last year’s receipts to this year’s receipts, to see how we close out, considering we passed a reduction in people’s personal income tax. It still looks like our economy and our receipts are pretty strong, and we’ll see how that will impact the trigger about potentially reducing income tax even more.”
The 2022 state fiscal year ends June 30.
Legislation passed this year, provides for a one percent drop in the individual income tax rate, which Stivers has said could save people up to $1,000 a year. Future decreases in the tax rate are dependent on state revenue increases, and could eventually reach zero, if there is enough growth.
Stivers also pointed out the income tax drop comes at a time when Kentuckians are being affected by inflation in everything from food to fuel. “When you see food hit the shelves this fall and winter, I think its going to be even higher, because fuel prices and energy costs are so extraordinarily high. That’s what we’re going to be looking at: our economy, the budget, and the impacts of our tax relief.”
State lawmakers began the interim Thursday with a series of committee meetings in northern Kentucky.
Written by Tom Latek. Cross-posted from Kentucky Today.