Residents of Todd County in the southwestern corner of Kentucky packed the courthouse this week to ask the fiscal court to reconsider a 3.5 percent insurance tax they say doesn’t treat all county residents equally. A new insurance tax which would be placed on all insurance premiums, except health and life insurance policies passed 4-2 during the first reading on Feb. 8.
Money collected from the tax would offset a $250,000 deficit caused by the cost of county services. A majority of people in the courtroom agreed that the county needs money, but didn’t agree with obtaining it with an insurance tax.
County residents like farmers, who have to insure their crops, along with their trucks, tractors and more, would be paying much more than someone who just owns a car and a house. The same would apply for truck drivers, who are required to carry much more insurance than the average driver.
To implement the tax, the fiscal court must submit the resolution to the Kentucky Commissioner of Insurance by July 1.
After more than two hours of discussion, the court agreed to vote on a second reading of the insurance tax March 8.
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