The Kentucky House Agriculture Committee unanimously approved HB 112 in an effort to achieve sales tax equity for Kentucky's horse industry. Introduced by Rep. Mike Denham, HB 112 will provide exemption from state sales tax for feed, supplies and equipment used to raise and care for equines, equivalent to the tax policy for other agriculture animals.
“On behalf of Kentucky's equine economy, I would like to express sincere appreciation to members of the Committee for the strong message of support they sent to Kentucky's signature industry today,” said Joe Clabes, KEEP's executive director. “We owe a debt of gratitude to Rep. Denham and Chairman McKee in particular for their leadership on this issue.”
Clabes urged members to consider the increased revenue such a change in tax policy would generate for the state from increased equine activity and not just focus on the revenue lost from not collecting the tax.
“The Equine Sales Tax Equity Task Force members and the industry's grassroots supporters also played an important role in this process” added Clabes. “Many of the Committee members referenced receiving messages of support for HB 112 from their constituents, clearly expressing their support for the horse industry and unity in their desire see the industry treated fairly.”
Due to it budgetary implications, the bill would need to be approved by the House Appropriations and Revenue Committee, before it could advance to the full House for a vote. Unlike the Agriculture Committee, which focuses more on matters of agriculture policy, the House A&R Committee will likely place greater emphasis on the fiscal impact of the legislation.
Not a subscriber? Click here to sign up for the daily PDF or alerts.
