Details on Kentucky's "Bipartisan Plan for Jobs, Economic Growth” on the Internet
 

            FRANKFORT, March 12 – By using a new Internet website, Kentuckians can see how much money they will save in taxes if Governor Ernie Fletcher's bipartisan tax modernization becomes law.

             The website can be found on the Internet at www.governor.ky.gov .  

             The website allows residents to calculate their tax savings by entering minimal personal financial information.

            In addition to the personal tax savings calculator, the website includes details on the tax modernization proposal and a comprehensive white paper explaining the issues being addressed by the tax plan.

            The tax proposal, called "JOBS for Kentucky” (Jobs and Opportunity Bipartisan Solutions for Kentucky), will take 125,000 Kentuckians off the state tax rolls entirely if their family's annual income is $12,000 or less.  This will impact more than 300,000 Kentuckians. 

            The plan also lowers the top income tax rate from 6 percent to 5.68 percent.

            Proposed business tax changes, which are explained in depth in documents posted on the website, are designed to level the playing field for all Kentucky businesses, simplify the system and place Kentucky in a better position to compete for new jobs and economic investment. Among the changes: repeal of the corporate license tax; cutting the maximum corporation income tax rate from 8.25 percent to 6 percent and providing a three-day sales tax holiday prior to the school year for the purchase of school supplies, clothing and computers.     

             "Our state suffers from a growth deficit that is hurting every family because our current tax system makes it far too difficult for Kentucky to compete for jobs and investment,” said Gov. Fletcher.  "This plan will lighten the tax load for Kentucky's workers, level the playing field for our businesses and give our state a fighting chance to win the race for new jobs.”

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