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LouisvilleKY Insurance premium tax increase proposed to help cover $65M budget gap and prevent devastating cuts

Louisville, KY., – Facing devastating potential cuts because of an expected $65 million general fund gap over the next four years, Mayor Greg Fischer is proposing to increase the city’s tax rates on home, life, marine and miscellaneous insurance, such as malpractice, title insurance and umbrella coverage, from their current five percent to 12.5 percent in FY20 and FY21, 13.5 percent in FY22 and 15 percent in FY23. Auto would be excluded from this increase, which overall would generate approximately $63 million by FY23. “Louisville Metro Government has proven it is an efficient operation, and our city is seeing a good…