As we convene the 2024 Regular Session, I would like first to wish you a happy new year. I hope your holidays were filled with joy and laughter while spending quality time with family and friends.
The Senate convened for day one of the 2024 Legislative Session on Tuesday, January 2, with incredible renditions of our national anthem and “My Old Kentucky Home” by the 100th Army Band, Fort Knox.
Legislative sessions in even-numbered years are budget sessions, consisting of 60 legislative days, unlike the shorter 30-day session that occurs in odd-numbered years. Short session years are intended to evaluate previously enacted policies and address any necessary legislative clean-up. As outlined in the Constitution of Kentucky, the General Assembly must gavel into session on the first Tuesday following the first Monday in January and requires lawmakers to conclude legislative business on April 15.
The primary focus in the Senate during Week 1 was to pass this year’s Senate rules, officially confirm committee assignments, and introduce initial legislation. The only two items constitutionally required by the General Assembly in this year’s legislative session are to enact a new two-year state budget and road plan.
Last week, I initiated the filing of bills that I am sponsoring in this session, covering a variety of topics including Medicaid managed care and pharmaceutical drug price discrimination.
I will provide regular updates on the progress of these measures as they navigate through the legislative process.
The Kentucky Constitution vests the exclusive power and duty to tax and spend the public’s money to the General Assembly. Our state constitution requires balanced spending with available financial resources, which is good. While the federal government can borrow and incur trillions of dollars in debt, this is not an option for our state government. The precious tax dollars you entrust to your government must be spent with care and discipline and that is my intent as your state senator.
The total amount of taxpayer funding for the next two-year budget and road plan will be based on what was recently set by the Consensus Forecasting Group. According to this group of economic experts’ best estimates, total general fund revenues—which result from sales, income, and other taxes—are approximately $31.6 billion over the 2025-2026 biennium with road fund revenues resulting from gas and motor vehicle taxes are roughly $3.7 billion. The state budget provides for state government operations and essential government services, and the road plans provide for investments in our roads, bridges, and highways.
The state Senate will have the final crack at proposing a state budget and road plan. Our fingerprint will not be applied to the document until a proposal is passed out of the state House of Representatives. I will keep you updated throughout this critical process and will remain an advocate for our district.
On Jan. 1, the second automatic reduction of our state income tax went into effect. House Bill (HB) 8 from the 2022 Legislative Session established the framework by which working Kentuckians’ income tax could be decreased responsibly. During the 2023 Legislative Session, the General Assembly passed HB 1 and codified the first two tax reductions after HB 8’s criteria were met. The Jan. 1 income tax reduction lowers your income tax rate from 4.5 percent to 4 percent. By the end of 2024, HB 8 and the resulting individual income tax reductions will have resulted in approximately $1.8 billion being left in the pockets of taxpayers and consumers, providing you more of your own money to spend as you wish.
While the state budget and road plan will be our primary responsibility this session, there are many vital policy items to take care of. Each proposed measure, be it mundane or headline-worthy, will receive the debate and deliberation the legislative process requires.
Feel free to share your thoughts and stay connected throughout the session by reaching out to my office at (502)-564-8100 or via email at Stephen.Meredith@lrc.ky.gov. Additionally, you can stay informed and follow legislative activities through live broadcasts on www.KET.org/legislature and by visiting www.Legislature.ky.gov.
State Sen. Steve Merdith, R-Leitchfield
