Governor Andy Beshear signed House Bill 1 Friday morning, which would lower the Kentucky Income Tax rate once again in 2024.
In a video released to social media, Governor Beshear seemed a bit reluctant and criticized the General Assembly for not choosing other ways to give Kentuckians a financial break.
Governor Beshear said the state has seen some of the highest income tax returns even as the rate dropped to 4.5% on January 1, 2023.
The bill, which would drop the state’s income tax rate to 4%, will go into effect on January 1, 2024.
