FRANKFORT, Ky. (WDKY) - Late Wednesday night, lawmakers in Frankfort passed a tax cleanup bill. The final vote: 87-8.
House Bill 354 would give a tax break to some locally owned banks and exempt nonprofit groups from sales taxes.
This comes after last year's tax bill imposed a 6-percent tax on everything from ticket sales to galas and fundraisers to taxing sponsorships.
House Speaker David Osborne, R-Prospect, promoted the bill on the House floor.
"This is a good piece of legislation, this is a thoughtful piece of legislation," said Speaker Osborne.
The bill does face opposition. It would also cut about $105 million in state revenue.
"We can’t pay our bills, but we’re paying for a Lamborghini," said Rep. Maria Sorolis, D-Louisville.
The bill now goes to Gov. Matt Bevin's desk to await his signature.
If he vetoes the bill, lawmakers will have a chance to override that decision.
Lawmakers will meet again on Thursday before breaking for the veto period.
The Kentucky Nonprofit Network released the following statement on the bill's passage:
“Kentucky’s nonprofit organizations have moved a critical step closer to relief from the burden of collecting and remitting sales tax on admissions to their events and on items sold for fundraising purposes...
"As employers of one in eleven Kentuckians, nonprofit organizations are essential to Kentucky’s quality of life - the kind of quality of life that makes businesses want to operate in Kentucky. Nonprofits are also often vital partners with the Commonwealth to deliver programs and services the state is obligated to provide.
"When nonprofits are hurting, the Kentuckians they serve are hurting. We appreciate the General Assembly’s recognition of the vital work of our nonprofit sector. This legislative solution provides much-needed relief by ensuring that the funds donated to the commonwealth’s charities will stay with the charities — investing in their vital work to address critical issues and strengthen our communities.”