Session Update – Day 57
Today, on day 57 of 60 of the 2022 Session, the legislative activity in Frankfort was high as the budget conference committee met to finalize the next biennial budget, the tax reform plan was unveiled, and several committees passed last-minute bills. Legislators are under a time crunch as they must pass bills by midnight tomorrow to maintain their ability to override gubernatorial vetoes.
Budget Update
The House Bill 1 Conference Committee has finalized the state's executive branch budget and outlined some points during a final public meeting today. You can find the final House Bill 1 budget language here. We have also attached a document highlighting some of the components of HB1.
The legislature did send to the Governor the biennial transportation budget, House Bill 241, as well as its companion bill in the biennial road plan, House Bill 242, that outlines road projects for the next two years.
Tax Reform
The Senate also approved changes to House Bill 8, the tax reform bill. These changes were agreed to by members of the HB 1 Conference Committee as they negotiated the budget. This version removed a few services from the initial House version, including financial planning services, marina usage, and advertising. The Senate version also changed the income tax reduction and amended the triggers that would reduce the income tax. There is no mandatory reduction, but an assessment will be made in September 2022 and if the financial conditions of the Commonwealth meet the new triggers outlined in the bill, then a 0.5 percent reduction could occur in January 2023. The tax rebate proposed earlier this session by the Senate, Senate Bill 194 was not included in the final agreement.
Bill Awaiting Action
House Bill 7 (Public Assistance Reform)
House Bill 8 (Tax Reform)
House Bill 274 (Transportation Improvement Districts)
House Bill 315 (Broadband)
House Bill 499 (Employer Childcare Assistance Partnership)
House Bill 607 (Pari-mutuel wagering)
House Bill 608 (Gray machines)
House Bill 745 (Product Development Initiative Program)
The House and Senate will convene at 10am ET. The proceedings can be watched live on ket.org/legislature.
We will continue to update you on the happenings of these last days of the 2022 Session, including providing the final version of the state budget when it becomes available. Please do not hesitate to reach out with questions.
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