Service Tax a Disaster for Kentucky’s Small Businesses

Date: April 03, 2018

NFIB Kentucky State Director Tom Underwood called the service tax that was included in House Bill 366 were targeted at Kentucky’s small businesses.

“It’s hard to imagine anything that would hurt small businesses as much as a tax on services,” Underwood said. “This is going to raise the cost of living and doing business in Kentucky. Many of the targeted services are both provided by and used by small business, raising their costs and that means they’re going to have to either raise prices or try to make up the difference by cutting staff.

“This is bad legislation that was rammed through the General Assembly with absolutely zero input from the people it would affect,” Underwood said. 

“We can’t afford to balance the budget on the backs of small business,” Underwood said. “Small business is the engine that drives Kentucky’s economy. Small businesses account for 99 percent of all businesses in Kentucky, and they employ about 45 percent of the state’s private sector workforce.

“It’s hard enough for small businesses to grow and create jobs without the General Assembly taking more of their hard-earned money in the form of costly and unnecessary taxes,” Underwood said. 

“Our members are calling on Governor Bevin to veto the bill,” Underwood said. “We’re hopeful the General Assembly will take this opportunity to reconsider the small business burden of this tax bill and find a solution to Kentucky’s financial problems that doesn’t crush our Main Street family businesses.”

NFIB is the nation’s leading small business association. To learn more about NFIB in Kentucky, visit www.NFIB.com/KY and follow @NFIB_KY on Twitter.

Related Content: Small Business News | Kentucky | State | Tax Help | Taxes

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