Audio – Senator Keith Ingram Reporting News From 91st General Assembly
December 27th, 2018 • News

December 27, 2018

  • From the beautiful and busy hallways of your historic state Capitol, this is Senator Keith Ingram.
  • Predicting the future is risky business, but it’s also a holiday tradition we enjoy every New Year’s.
  • Judging from past legislative sessions, you can be certain that there will be attempts to cut taxes when the General Assembly convenes on January 14.
  • We cut income taxes in 2017, and before that in 2015. The governor and his floor leaders in the Senate and the House have already announced their intentions to cut taxes again in 2019.
  • The only question is how much will be cut. Some proposals would lower the top rate to 5.9 percent, while other proposals would lower it to 6 percent.
  • As well as considering legislation to lower tax rates, we also will consider simplification of the tax tables.
  • We’ll also vote on a tax reduction that will help business. It’s a proposal to extend to 20 years the carry-forward period for corporations’ net operating losses.
  • Under current law, companies can deduct losses against future income for five years. Lengthening the carry-forward period is a tremendous incentive for businesses to invest in new facilities and equipment.
  • I’m cautiously optimistic that we won’t be fiscally irresponsible. We have seen the experiences of Kansas and Oklahoma, where they cut taxes drastically and so quickly that funding of education suffered.
  • Also during the session, legislators will work on a funding mechanism for highway construction and maintenance. If you’ll allow me to mix metaphors, we’ve been putting band-aids on potholes for too long.
  • We need to set up a stable and long-term source of funding for highways. It will create well-paying jobs, and solidify our economic development efforts.
  • From the Capitol, it is always my great honor and sincere privilege to serve you as your state Senator. This is Keith Ingram.
      Click to Listen - Audio Recording from December 27, 2018