A Flash Flood Watch is in effect for Eastern Kentucky through Friday morning. Heavy rain is possible through Friday as a strong storm system moves through the mountains. Flash Flooding is likely during this time. Remember if you come across a flooded roadway to turn around and don't drown. Keep it with WYMT for the latest.
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 This material may not be published, broadcast, rewritten or redistributed.)