Delivering remarks to the Kentucky Chamber’s Tax Summit via video Thursday, Kentucky Gov. Matt Bevin detailed his vision for tax reform including moving to a more consumption-based system, getting rid of the inventory and death taxes, aligning the state’s tax code more with the federal government and more.
In the video, Bevin apologized that he was not able to attend the conference in person. He is in Washington, D.C. for a meeting with members of the Trump administration and others on economic and workforce development issues.
evin said Kentucky’s tax code is “antiquated” and noted the Chamber’s advocacy efforts for modernization and said he is grateful for those who have sounded the alarms on the tax code and brought attention to the need for reforms.
In terms of what he is looking at when it comes to what makes Kentucky competitive, the governor pointed to his “Blueprint for a Better Kentucky” document he produced during the governor’s race where he saw areas Kentucky could grow and prove powerful compared to other states including engineering and manufacturing.
The governor pointed to the growth of companies like UPS, DHL, Amazon and others in Kentucky as examples of how the state can become the leader in logistics.
Inventory tax is one of the areas Bevin pointed to in his remarks as something that needed to be done away with in the state’s tax code.
“If we want to produce, manufacture, engineer, design, and send to the world 21st century products, why would we dis-incentivize those who might do this by having an antiquated approach to taxation where we tax production and not consumption?” Bevin asked.