banks

Adrian Cable/WikimediaCommons

Some Kentucky businesses that sell hemp products are still having trouble getting financial services, lawmakers were told during a legislative committee on Wednesday.

Banks are still hesitant to offer loans or credit card processing capabilities to hemp farmers, processors and retailers because of the plant’s similarities to cannabis, even though hemp was legalized by the federal government in 2018.


Thinkstock

Leaders of the Kentucky legislature have proposed revising the state’s tax code, cutting $105 million in state revenue largely by changing how local banks get taxed.

The move comes as Kentucky struggles with a massive pension debt that requires the state to put record amounts of money into the pension systems and as the state consistently has trouble generating enough tax revenue to pay for expenses.

House Speaker David Osborne, a Republican from Prospect, said that the local bank tax break will be expensive, but worth it.