FRANKFORT, Ky. — In direct response to the staggering news that inflation is at a 40-year high of 7.5 percent, the Senate rolled out a tax rebate plan in Senate Bill 194. The plan will keep more money in taxpayers’ pockets and empower them with the tools to make appropriate choices for their families.
Under the Senate’s plan, unveiled in a special Appropriations and Revenue Committee today, each single working Kentucky taxpayer will receive up to $500 and a maximum of $1,000 per household. This tax rebate is possible because of the conservative budgeting of the commonwealth; unexpected and exceptional revenue growth is expected to yield over $1.94 billion in excess funds that belong to Kentucky taxpayers.
“As our nation is experiencing the highest inflation in 40 years, it’s important that lawmakers respond in a way that helps ease the burden on tax-paying Kentuckians,” The estimated cost of SB 194 to the state would be approximately $1.15 billion, and even after the personal income tax rebates, the state budget still should see a surplus of nearly $800 million, said Senator Chris McDaniel (R-Taylor Mill).
McDaniel told the press following the committee hearing that under SB 194, he would anticipate Kentuckians would receive their rebates by late spring or early summer of 2022. The Senate Appropriations and Revenue Committee chairman also said he viewed this measure differently from comprehensive tax reform.
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