Pension proposal expected to be voted on Tuesday

FRANKFORT, Ky. (AP) - A proposal intended to restore solvency to Kentucky's pension plans for government retirees is expected to get a floor vote in the House on Tuesday.

House Speaker Greg Stumbo told reporters Tuesday morning that he believes the proposal has enough support to clear the 100-member chamber with the 60 votes that are necessary to pass.

The proposal would make several changes to the tax code to generate about $110 million a year in funding for the pension system.

A personal income tax credit would be eliminated, generating some $65 million a year for the General Fund. To offset that revenue increase, lawmakers would roll back the gas tax by a penny per gallon and create a trade-in tax credit for people buying new vehicles.

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