April 19, 2014

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Legislative perspective on Kentucky General Assembly

For the better part of the past year, there was no doubt what the biggest issue of the 2013 Regular Session would be: Stabilizing our public retirement systems for state and local government employees and their retirees.

Initially, it seemed as if the House and Senate would not be able to find common ground as both sides took different approaches to solve the problem.  With the help of Governor Beshear, however, leaders from both chambers were able to sit down and find a way that most members could support.

The final product is actually two different laws.  The first provides funding to pay down the sizeable liability, with the money coming from several different sources; individual taxpayers should notice little change, though.  At the same time, this revenue plan puts in place a new tax cut for those who trade in their vehicle for a new one.  Before, these buyers had to pay sales tax on the full cost of the vehicle, but now they will have to pay it only on what they owe, saving them potentially hundreds of dollars.  This should help spur more sales of cars and trucks when it is formally put in place.