2001 studey noted "It is apparent various corporations are
increasingly taking advantage of structural weaknesses and
loopholes in state corporate tax systems". 2001 study puts
Kentucky's loss in revenue due to tax sheltering at $150
million in 2001.
2010 estimate of Corporate Tax sheltering costs state budget
estimated $400 million dollars!
Therefore, Lassiter's 2010-2012 executive budget APPROPRIATIONS
and TAX RESOURCES are listed below:
Ms Lassiter's 2010-2012 Executive Budget above needs following cuts in APPROPRIATIONS:
RECOMMENDED RECOMMENDED
2010 2012
EXECUTIVE BRANCH $9,366,201,100 $9,299,774,700 -0.7%
JUDICIAL BRANCH $ 271,590,900 $ 327,736,000 1.2068%
LEGISLATIVE BRANCH $ 52,276,600 $ 51,231,000
TOTAL APP: $8,518,028,900
+$1,155,713,500 (2010-2012 biennium budget total cut)
$9,673,742,400
Goal of 2010-2012 biennium budget is to cut anticipated budget growth in
appropriations from 2010 to 2010 by
$1.155 billion
as follows:
CUT $350 OUT OF ESTIMATED $900 MILLION STATE TAX EXPENDITURES
Tax credits,
Tax exemptions,
Tax deferrments,
Tax exclusions,
Tax deductions,
Prefrential tax rates
CUT $400 MILLION FROM CORPORATE TAX SHELTERS;
Cut $400 million from corporate tax shelters
CUT $100 MILLION FROM NON-MERIT PERSONNEL COSTS:
CUT 2,000 NON-MERIT POSITIONS PAYING >$80,000 TO $500,000
ANNUALLY
CUT $ 22 MILLION FROM PROPERTY TAX ADMINISTRATION COSTS;
REDUCE # OF PVAs FROM 120 TO 17 SAVING ESTIMATED $10 MILLION &
PARING DOWN ESTIMATED 680 DEPUTY PVAs SAVING ESTIMATED $12
MILLION DOLLARS.
COLLECT ESTIMATED $300 MILLION OF MOTOR VEHICLE TAX EVASION
