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Fiscal Court Continues Insurance Tax Discussion

Fiscal Court Continues Insurance Tax Discussion
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By West Kentucky Star Staff
Jan. 28, 2020 | MCCRACKEN COUNTY
By West Kentucky Star Staff Jan. 28, 2020 | 12:25 AM | MCCRACKEN COUNTY
At their meeting Monday afternoon, the McCracken County Fiscal Court continued discussion on the implementation of an insurance premium tax.

The Fiscal Court held their first reading of the proposed ordinance, and discussed adding an amendment to the ordinance which would set auto and life insurance to 6.9 percent for the first year, the ordinance also sets a 4.9 percent rate for casualty, fire and perils, inland marine, and all other risks. The ordinance would leave health insurance at a zero percent rate.

Judge Executive Craig Clymer gave a presentation on why the county needed to implement the new taxes, mentioning that the county had spent from savings for over a decade, and the tax rate being 14 percent less than in 1990. Clymer also mentioned that comparable counties have taxed insurance for years.

"We've done a lot of study and really beat this around trying to be fair and knowing we've got to have revenue." Clymer continued, "I think the answer is to enact it at a rate that we think will be comfortable for generating the amount of revenue we need."

The ordinance passed, however officials reminded the public that the numbers are not final, and a workshop to get public opinion is set for next Monday.
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