Cities and counties in Kentucky could see an additional source of funds after the Governor announced last week that he would be supporting a local option sales tax amendment.
The amendment would allow communities to vote for a local option sales tax to raise funds for special or specific projects. Officials say this would give people the opportunity to vote on investments. In Okalahoma City a local option sales tax was used to build a new arena and stadium that helped revitalize their downtown. Lexington and Louisville mayors have been asking the state to look into local option sales taxes for some time.
The current concept being discussed would be submitted to local voters, dedicated to a specific project and include a sunset provision. This initiative comes from a task force the Governor put together to study tax reform. Attorney General Jack Conway says the only way to enact a local option sales tax is with a constitutional amendment.
The amendment would allow communities to vote for a local option sales tax to raise funds for special or specific projects. Officials say this would give people the opportunity to vote on investments. In Okalahoma City a local option sales tax was used to build a new arena and stadium that helped revitalize their downtown. Lexington and Louisville mayors have been asking the state to look into local option sales taxes for some time.
The current concept being discussed would be submitted to local voters, dedicated to a specific project and include a sunset provision. This initiative comes from a task force the Governor put together to study tax reform. Attorney General Jack Conway says the only way to enact a local option sales tax is with a constitutional amendment.
WebReadyTM Powered by WireReady® NSI
E-Mail
Print
