In a move aimed at providing much-needed relief to the residents of Kentucky, the state's taxation department has announced a series of tax relief measures that are set to come into effect starting from the next fiscal year.One of the key measures announced by the department is the reduction of income tax rates for individuals across all income brackets. This move is expected to provide substantial savings to the residents of Kentucky, allowing them to keep more of their hard-earned money in their pockets.Additionally, the taxation department has also announced an increase in the threshold for property tax exemptions for homeowners in the state. This means that more residents will now be eligible for property tax relief, providing them with some much-needed financial breathing room.Furthermore, the department has introduced a new tax credit for small businesses in an effort to spur economic growth and job creation in the state. This tax credit will provide small businesses with a significant reduction in their tax liabilities, allowing them to reinvest in their businesses and expand their operations.In a statement released to the press, the Commissioner of the Kentucky Taxation Department highlighted the importance of these tax relief measures in providing support to the residents and businesses of the state during these challenging times. The department remains committed to ensuring that the tax burden on individuals and businesses is kept to a minimum, while also promoting economic growth and prosperity in the state.These new tax relief measures have been welcomed by residents and business owners across Kentucky, who see them as a much-needed respite from the financial strain caused by the ongoing economic uncertainties. With these measures set to come into effect in the next fiscal year, many are hopeful that they will provide the much-needed relief and support that is required to help the state recover and thrive in the years to come.