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HB 292/FN (BR 1078) - H. Moberly, Ji. Lee, C. Miller
AN ACT relating to the corporate license tax and declaring an emergency.
Amend KRS 136.071 to allow a corporation that holds, directly or indirectly, stock or securities in other corporations equal to or greater than 50% of its total assets to either file a consolidated return with such corporations, or to file a separate return and deduct the book value in its investment in the such companies; apply retroactively to all returns filed for the calendar year ending December 31, 2003; EMERGENCY.
HB 292 - AMENDMENTS
HFA (1, R. Thomas) - Provide that in computing taxable capital under KRS Chapter 136, agricultural credit associations may deduct the book value of their investment in other institutions chartered by the farm credit administration that pay or are exempt from the tax.
SCS - Create new sections of KRS Chapter 142 to provide for a provider assessment on nursing facilities equal to 2% of gross revenues received from non-Medicare patients; provide for an additional assessment not to exceed 4% on gross receipts from non-Medicare patients and that rate may be varied based upon a facility's total annual census days, if deemed an acceptable waivered class by the Centers for Medicare and Medicaid Services; provide that a portion of the funds may be used to increase reimbursement rates for nursing facilities and the remainder for the Medicaid program; provide that the Cabinet for Health and Family Services, Department for Medicaid Services shall submit an application for a waiver; provide that the provisions are void if the waiver is not approved by the Centers for Medicare and Medicaid Services; provide for an assessment equal to 5.5% of gross revenues received by intermediate care facility services for the mentally retarded; provide that funds shall be used for rate increases for the intermediate care facility services for the mentally retarded and the remainder for the Medicaid program; provide that the Cabinet for Health and Family Services, Department for Medicaid Services shall submit an application for a waiver; provide that the provisions are void if the waiver is not approved by the Centers for Medicare and Medicaid Services; create a new section of KRS Chapter 154.20 to provide that an investment fund may invest 100% of its committed cash contributions in a single knowledge-based entity; provide that a city, county, other local governments entity, or any entity approved by the Kentucky Economic Development Finance Authority may invest in an investment fund and may transfer any tax credits received pursuant to Kentucky Investment Fund Act to a private entity; amend KRS 136.071 to provide that a bank holding company that holds directly or indirectly stock or securities in financial institutions equal to or greater than 50% of its total assets may deduct from capital employed its investment in stock and securities of the financial institution; apply retroactive for tax periods beginning on or after January, 1, 2003, EMERGENCY; provide that notwithstanding any statutory law or any administrative regulation that any debt approved and funded by the Bluegrass State Skills Corporation or the Kentucky Economic Finance Authority may be renegotiated, amended, or forgiven and any debt collected on behalf of the Bluegrass State Skills Corporation or the Kentucky Economic Finance Authority shall be returned to them.
SCA (1, R. Sanders Jr) - Provide that in computing taxable capital under KRS Chapter 136, agricultural credit associations may deduct the book value of their investment in other wholly owned institutions chartered by the farm credit administration that are subject to the tax or are exempt from the tax.
SCA (2/Title, D. Kelly) - Make title amendment.
SFA (1, R. Sanders Jr) - Provide that in computing taxable capital under KRS Chapter 136, agricultural credit associations may deduct the book value of their investment in other wholly owned institutions chartered by the farm credit administration that are subject to the tax or are exempt from the tax.
Jan 14-introduced in House
Jan 15-to Appropriations and Revenue (H)
Mar 10-posted in committee
Mar 16-reported favorably, 1st reading, to Calendar
Mar 17-2nd reading, to Rules; floor amendment (1) filed
Mar 19-placed in the Orders of the Day for March 19, 2004; 3rd reading, passed 92-0 with floor amendment (1)
Mar 22-received in Senate
Mar 23-to Appropriations and Revenue (S)
Mar 24-reported favorably, 1st reading, to Calendar
Mar 25-2nd reading, to Rules; floor amendment (1) filed
Apr 13-recommitted to Appropriations and Revenue (S); reported favorably, to Rules with Committee Substitute, committee amendments (1) to Committee Substitute and (2-title) to the bill; posted for passage in the Regular Orders of the Day for Tuesday, April 13, 2004; 3rd reading, passed 38-0 with Committee Substitute, committee amendments (1) and (2-title) ; received in House; to Rules (H); posted for passage for concurrence in Senate Committee Substitute, committee amendment (1) ; House concurred in Senate Committee Substitute, committee amendments (1) and (2-title) ; passed 95-0; enrolled, signed by each presiding officer; delivered to Governor
Apr 22-signed by Governor (Acts ch. 142)
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