Kentucky to offer bourbon tax credit - Tucson News Now

Kentucky to offer bourbon tax credit

Posted: Updated:
  • NationalMore>>

  • 32 teens escape from Nashville detention center

    32 teens escape from Nashville detention center

    Tuesday, September 2 2014 10:01 AM EDT2014-09-02 14:01:35 GMT
    A spokesman says more than 30 teens escaped from a Nashville youth detention center and 17 are still being sought.
    Thirty-two teens escaped from a Nashville youth detention center by crawling under a weak spot in a fence late Monday, and 10 of them were still on the run Tuesday, a spokesman said.
  • School starts in Chicago with more safety guards

    School starts in Chicago with more safety guards

    Tuesday, September 2 2014 9:32 AM EDT2014-09-02 13:32:09 GMT
    Chicago children will walk past even more guards on their first day of school than last year, when concerns about safety prompted the city to line the streets with 1,200 adults every day.
    Chicago children returned to school Tuesday walking past even more guards than last year, when concerns about safety prompted the city to line the streets with 1,200 adults every day.
  • Infamous speed trap town investigated over tickets

    Infamous speed trap town investigated over tickets

    Tuesday, September 2 2014 8:42 AM EDT2014-09-02 12:42:52 GMT
    The north Florida town of Waldo has long had a reputation as a speed trap, and it's no wonder. A small segment of highway that runs through Waldo requires drivers to speed up and slow down six times: 65 mph...
    The north Florida town of Waldo has long had a reputation as a speed trap, and it's no wonder. A small segment of highway that runs through Waldo requires drivers to speed up and slow down six times: 65 mph becomes 55...

By ADAM BEAM
The Associated Press

FRANKFORT, Ky. (AP) - State lawmakers have effectively eliminated a tax on aging barrels of bourbon in a move to protect one of the state's signature industries.

Kentucky spends that tax money on public education, making it difficult to eliminate the tax completely. This week lawmakers approved a tax credit that would offset the cost of the tax. Public schools would still get their tax money, but overall state revenues would decrease by about $14 million in five years once the tax credit is fully implemented.

Kentucky distillers have increased their inventory of aging bourbon by more than 1 million barrels since 1999. State tax collections have more than doubled since then.

The law requires Kentucky distillers to spend the savings from the tax on improving facilities in Kentucky, including remodeling to promote tourism.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow