In response to Kentucky consideration of the legislature House Bill 8, which eliminates the state income tax and replaces it with a service sales tax, the FPA quickly pledged to influence the design of the final bill. As part of its wide range of service taxes, the original bill included proposed sales taxes on “personal financial planning” and “personal investment management.” To protect the interests of members in KentuckyFPA and the FPA Political Action Committee (FPA PAC), the only federally registered political action committee representing the interests of financial planners, committed the financial resources necessary to secure a lobbyist in frankfort, kentuckyto push for the removal of those taxes from the final bill.
The result of the effort was a victory for the Association and FPA members, financial planners and investment advisers in the kentucky state. As CEO of FPA Patrick D Mahoney shared in a member update this morning, “I am pleased to announce that The FPA’s efforts resulted in the elimination of those proposed taxes. of the final invoice Kentucky. While the FPA was not the only group that lobbied for the bill to be amended, we know that our efforts directly influenced the outcome and, more importantly, protected our Kentucky members”.