Kentucky barely misses budget trigger for income tax cut in 2027

Kentucky barely misses budget trigger for income tax cut in 2027

The Kentucky Capitol building in Frankfort.(Ryan Van Velzer / LPM)Kentucky tax revenues in the fiscal year ending this summer were just shy of what was needed to trigger a half-percent cut to the state’s individual income tax rate in the 2027 calendar year.An Aug. 15 letter from State Budget Director John Hicks to the Republican chairmen of legislative budget committees informed them the state’s General Fund revenue fell $7.5 million short of wh…