Kentucky 2024 Legislative Session – Tax Changes Overview

With such significant tax reform legislation passed in Kentucky over the last several years, some speculated whether the General Assembly would continue to use its Republican supermajority to make more significant tax reform initiatives in 2024.¹ While some large concepts, such as local tax reform and elimination of the limited liability entity tax (LLET), were introduced, the General Assembly largely tabled any significant tax reform movement in 2024, focusing instead focused on passing the two-year budget.

Despite the General Assembly's focus on the budget, the below provides an overview of certain tax initiatives passed or considered during the 2024 Legislative Session:

• Amnesty: With the same substantive standards and parameters as 2022 legislation, the passage of 2024 House Bill (H.B.) 8 requires the Kentucky Department of Revenue (Department) to procure a third-party to administer an amnesty program to occur in the Fall of 2024, and should the Department