ORDINANCE NO. __________, SERIES 2014
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AN ORDINANCE AMENDING LOUISVILLE METRO CODE OF ORDINANCES (LMCO) CHAPTER 122 RELATING TO INCREASING THE INSURANCE LICENSE FEES FROM 5% TO 6%.
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Sponsored By: Council Members Ward-Pugh, Woolridge, Scott, and Owen
WHEREAS, the number and percentage of persons experiencing homelessness is at a record high in Louisville Metro; and
WHEREAS, the number of vacant and abandoned property has increased significantly in past years, causing blight, property devaluation and public health concerns in Louisville Metro; and
WHEREAS, number of person needing affordable housing Metro Louisville has increased significantly in past years, necessitating increased availability for such housing; and
WHEREAS, economic incentives are necessary in order to attract and retain businesses, that will generate jobs and sustainable employment and create viable economic opportunities that will improve the overall quality of life in the Louisville Metro community; and
WHEREAS, Louisville Metro is in acute need of road and sidewalk repair to improve the transportation and accessibility needs of numerous persons who utilize those resources in performing everyday tasks; and
WHEREAS, there has been a serious reduction in state and Federal funding to local governments to help address these needs, requiring a revenue increase which can be partially met with an increase in the tax on fees for insurance premiums; therefore .
BE IT ORDAINED BY THE LEGISLATIVE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT (THE COUNCIL) AS FOLLOWS:
SECTION I: LMCO Chapter 38 is hereby amended to read as follows:
Pursuant to KRS 67C.147(3) and 91A.080, there is hereby reenacted a license fee on each health insurance company for the privilege of engaging in the business of insurance within the Urban Service Tax District for the calendar year 2003, and thereafter on a calendar year basis. The license fee impos...
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