NO TAX INCREASES? THIS MEANS DEEP CUTS?

DEEP CUTS & COLLECTIONS OVER NEXT TWO BIENIUMMS:

CUT: $100 million state personnel beginning with elimination of 70 PVA statutory offices &
decreasing all legislative and judicial branch employees by 20%

COLLECT: amend legislation making online vendors responsible for collecting and submitting estimated $200 million KY use taxes from online consumer Kentucky purchaser's

COLLECT: $100 million from mis-registered KY owned motor vehicle owners & car lease/rental vendors operating from KY airports

AMEND: ELIMINATE Corporate Tax Shelters equaling estimated $400 million

AMEND: reduce $750 million of state tax expenditures by amending applicable legislation pertraining to state tax expenditures--

AMEND: Legislation replacing defined benefits with defined contribution retirement package
effective: 1/1/08

AMEND: Legislation raising cigarette tax to 75 cents per pack bringing in estimate $75 million

AMEND: Legislation eliminating obsolete industries and adding relevant industry; i.e., services