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He succeeded the term-limited Republican Allison Ball of Prestonsburg, who was elected Kentucky Auditor of Public Accounts. The treasurer's duties include: Act as head of the treasury KRS 041.020; Create and manage the state's depository KRS 041-070; Make record of all monies due and payable to the state KRS 041-100
Tax is collected by the Kentucky Department of Revenue. [143] Kentucky has a flat 4% individual income tax rate. The sales tax rate in Kentucky is 6%. [144] Kentucky has a broadly based classified property tax system. All classes of property, unless exempted by the Constitution, are taxed by the state, although at widely varying rates. [145]
Department of Revenue of Kentucky v. Davis, 553 U.S. 328 (2008), is a United States Supreme Court case in which the Court upheld a Kentucky law that provides a preferential tax break to Kentucky residents who invest in bonds issued by the state and its municipalities (municipal bonds).
Initially, the auditor of public accounts served as a comptroller and tax collector for state government. The Reorganization Act of 1936 transferred those functions to other state agencies and established the auditor's office as "...an impartial agency entirely independent of state administration and charged with the responsibility of auditing the accounts and financial transactions of all ...
That year Republican John McCain won Kentucky, carrying it 57 percent to 41 percent, but lost the national popular and electoral votes to Democrat Barack Obama. Further hampering Kentucky's status as a bellwether state, 116 of Kentucky's 120 counties supported Republican Mitt Romney in the 2012 election, who lost to Barack Obama nationwide. [22 ...
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