Kentucky misses a fiscal trigger for personal income tax rate cut in 2025

Published September 8, 2023 2:12 PM

By BRUCE SCHREINER
Associated Press

FRANKFORT, Ky. (AP) — Kentucky’s individual income tax rate is set to remain the same in 2025 after the state failed to meet certain fiscal requirements that would have ushered in another reduction under a Republican plan to phase the tax out. But key GOP lawmakers say the legislation is working as intended. According to a recent report from the state budget director, the state failed to meet both requirements to trigger another tax rate cut in 2025. The conditions were met for 2023 and 2024, triggering half-percentage-point cuts in the state income tax for those years. The rate is set to drop to 4% at the start of 2024.

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