LOUISVILLE, Ky. (WHAS11) -- Mayor Greg Fischer glowed about the positive direction Louisville is headed since he took office two years ago, but he proposed support of a tax that could fill city coffers in a still improving economy.
"A single powerful penny will generate $90 million a year. That's enough to make a Waterfront Park level investment in our community every year," Fischer said.
Mayor Fischer wants the Kentucky General Assembly to amend the state constitution to allow for a statewide referendum on the possibility of a local option sales tax. Kentucky voters would have to decide to leave a tax hike up to individual cities. That's when Louisville voters would approve or deny the new revenue from the tax for projects chosen by a local advisory board.
"This is the ultimate democracy driven tool to help us compete with Austin, Denver, Oklahoma City, other places that already have this option," Fischer said.
Mayor Fischer said a one percent local option sales tax could raise $90 million, the equivalent of a Waterfront Park-style investment, every year. If the tax is passed you would pay one more penny on the dollar for the rate which would rise to 7 percent to its current 6 percent.