Tax Commission looks at exemption on pensions

FRANKFORT, Ky. (AP) - A panel appointed by Gov. Steve Beshear to recommend tax reforms is considering a proposal that would result in more retirees having their pensions taxed.

Lt. Gov. Jerry Abramson, chairman of the Blue Ribbon Commission of Tax Reform, said Thursday members may recommend tweaking a policy that exempts annual pensions of $41,100 or less from taxes. Abramson said commission members are looking at decreasing that exemption to pensions of $15,000 or less.

The group is tentatively scheduled to meet again on Nov. 19.

Beshear appointed the panel earlier this year to recommend a simpler tax code that would generate enough revenue to meet state needs even during recessions.

The group has already ruled out implementing a 6 percent tax on groceries, which would have generated some $500 million a year.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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