Greater Louisville, Inc. weighs in on city’s proposed insurance premium tax increase

Greater Louisville, Inc. weighs in on city’s proposed insurance premium tax increase
Greater Louisville Inc. logo

LOUISVILLE, KY (WAVE) - As Mayor Greg Fischer proposes a tax increase to offset the city’s rising costs in pension requirements, the Metro Chamber of Commerce, Greater Louisville Inc., has released a statement.

“Such a proposal would increase insurance costs for policyholders and could hurt the city’s ability to recruit and retain businesses and talented professionals," GLI said in part.

Mayor Fischer responded to GLI, saying:

“Our ability to recruit and retain businesses and talented professionals is contingent upon us being able to provide city services, like public safety, paved roads, accessible sidewalks, great parks, libraries, as well as the quality of life investments our competitor cities are making.”

The full statement from Greater Louisville Inc. Metro Chamber of Commerce is as follows:

“GLI is concerned about the proposal to raise new local revenues through a substantial increase to the insurance premium tax. Such a proposal would increase insurance costs for policyholders and could hurt the city’s ability to recruit and retain businesses and talented professionals. GLI recognizes the burden on the city budget imposed by the public pension system, and we have met with city officials to discuss other potential solutions that provide resources to meet these obligations, while also ensuring that any new revenues raised in this upcoming budget cycle are dedicated to pensions. We are talking to businesses about the impact of this proposal and intend to work closely with the Mayor and Metro Council to address the budget shortfall in a way that minimizes harm to Louisville’s economy and ensures that our city remains competitive.”

- Kent Oyler, president and CEO of Greater Louisville Inc.

The proposed tax plan goes before Metro Council Thursday evening.

Copyright 2019 WAVE 3 News. All rights reserved.