McCracken County Fiscal Court Moves Forward With Ordinance To Tax Insurance Premiums
McCracken County Fiscal Court this week voted to move forward with an ordinance to tax insurance premiums to create more revenue for the county.
The ordinance includes a 6.9% tax rate on vehicle insurance and the first year of life insurance plans. A 4.9% tax rate would apply for fire insurance, casualty liability policies, and inland marine insurance. A unanimous decision was made to not tax health insurance.
County Commissioner Jeff Parker said the county needs the money for priorities including retirement funds.
“There's not enough places to go there's no more wells to dip into.” said Parker. “No matter what, we're on the hook for $3 million dollars more than what we're paying right now. Over the next four years.”
The court in the first reading of the ordinance voted in favor with a 3 to 1 vote. Judge Executive Craig Clymer was the single “no” vote. Clymer proposed an 8% tax rate.
A public workshop is being held to determine and finalize the tax rates on February 4 at the county courthouse. The second reading of the ordinance will be on February 10. The tax must be presented to state government officials by March 9 to be enacted.
Correction: This article misstated, in one instance, county commissioner Jeff Parker's name as "Jeff Parks."