Kentucky - More Change to the State's AMC

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If some Kentucky legislators have their way, the Alternative Minimum Calculation (AMC), which is the state's alternative minimum tax paid by businesses, may be on its way out. According to the Louisville Courier Journal, the state has numerous unmet needs and faces a structural deficit, yet some legislators would rather spend the temporary budget surplus on permanent tax cuts for businesses. Earlier this year, the state held a special session where aspects of the AMC were amended to help small businesses. As a result, those with less than $3 million in gross profits are now exempt from the tax and those with gross profits of less than $6 million enjoy a reduced tax rate. But apparently that's not enough for some legislators and business people. Concerning the repeal, Tom Underwood, state director of the National Federation of Independent Business says, "It's not going to hurt anybody's feelings if it is repealed altogether." Maybe he meant anybody except the Kentuckians who will have a harder time paying for schools and and healthcare if the tax is eliminated.

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