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Bank Franchise Tax Repeal Passes House and Senate!!

The House and the Senate approved, each by a very large margin, the repeal of the Bank Franchise Tax which was added to HB354 during conference

Kentucky Bank Franchise Tax HB 354

HB 354, the general tax package, was voted out of the House yesterday without any language addressing our bank tax imbalance. The magnitude of the bank tax issue was underscored by the number of calls that began pouring into the KBA office on Thursday from bankers whose legislators were pointing out that the language wasn’t in the bill.

Banks Get Higher Taxes

The legislature once again stuck it to the banking industry by lowering the corporate rate to 5% while leaving the Bank Franchise tax intact.