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Below is a snapshot of key features of Kentucky's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $21.2 billion
- General Revenue as a Share of Income: 15.8%
- Tax Revenue: $14.2 billion
- Tax Revenue as Share of income: 10.5%
- Personal Income Tax (Share of Tax Revenue): 32% (7 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 4.6% (15 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 37.1% (18 out of 51)
- Property Tax (Share of Tax Revenue): 19.6% (42 out of 51)
- Other Taxes (Share of Tax Revenue): 4.8% (11 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 2.0% - 6.0%
- Standard Deduction: $2,220 ($4,440 for Married Couples)
- Personal Exemption: Credit=$20
- Dependent Exemption: Credit=$20
- Earned Income Tax Credit (EITC): None
- Personal exemption is available as a credit
Corporate Income Tax Features (2011)
- Range of Tax Rates: 4.00% - 6.00%
- Income Level at Which Top Rate Applies: $100,000
- Combined Reporting: No
- Apportionment Factor (Payroll): 25%
- Apportionment Factor (Property): 25%
- Apportionment Factor (Sales): 50%
Sales Tax Features (2011)
- State Sales Tax Rate: 6.00%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 6.00%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 28 out of 168 surveyed
- Streamlined Sales Tax Membership: Full
- Vendor Compensation available with high ceiling
Property Tax Features (2011)
- Does not provide a homestead exemption for non-elderly taxpayers.
- Levies a car tax.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.225
- Diesel Tax Rate (per gallon): $0.195
- Cigarette Tax Rate (per pack): $0.60
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $165
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated August 25, 2011
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