House Bill 5 Bourbon Tax Break
Clip: Season 1 Episode 193 | 1m 56sVideo has Closed Captions
Debate on House Bill 5 dealing with a tax break for the bourbon industry.
Debate on House Bill 5 dealing with a tax break for the bourbon industry.
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House Bill 5 Bourbon Tax Break
Clip: Season 1 Episode 193 | 1m 56sVideo has Closed Captions
Debate on House Bill 5 dealing with a tax break for the bourbon industry.
Problems with Closed Captions? Closed Captioning Feedback
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Learn Moreabout PBS online sponsorshipDevastating.
That's how officials characterize the impact a proposed tax break on the bourbon industry would have on their counties and cities.
State Representative Jason Petrie, a Republican from Elkton, is the sponsor of the House Bill five.
It calls for phasing out state and local property taxes on barrels of bourbon by 2039.
Speaking at a press conference last night in Nelson County, superintendents, police officers, EMS directors and others said losing out on that revenue would result in drastic cuts and would set back many cities.
This issue is as important as any issue that I have ever seen in my career, because at the end of the day, it affects the ability for us to exist and keep the status quo that we have.
State Senator Jimmy Higdon, a Republican from Lebanon, was also at last night's meeting representing Senate District 14.
He said half of the world's bourbon is stored in his district.
He said he understands where distilleries are coming from.
The big factor, the problem is they have about $130 million in tax credits that they can't deal with, primarily because they don't have any taxable income.
So that's the problem.
The cities and counties and taxing districts are not going to help them to find the solution.
But the solution is not unless people find.
Senator Higdon added that with 70 new distilleries announcing plans to build in Kentucky last year alone, the argument that the barrel tax will detour business doesn't hold up.
We reached out to the Kentucky Distillers Association for comment and did not hear back.
House Bill five is waiting to be considered by the appropriations and Revenue Committee.
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