00RS HB705

HB705

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HB 705/LM (BR 1761) - M. Treesh

     AN ACT relating to revenue and taxation.
     Create a new section and amend various other sections of KRS Chapter 141 relating to individual income tax to allow federal amounts for standard deduction and personal exemption, require federal filing status, eliminate low income credit, and establish a tax rate of 6% for all taxable income; create a new section of KRS Chapter 132 to remove the state ad valorem tax on motor vehicles and motorboats; amend KRS 132.487, 134.800, 134.805, 134.810, 134.815, and 134.820 to establish an administrative fee to be collected by the county clerk upon registration of a motor vehicle or motorboat; create 28 new sections of KRS Chapter 138 to establish a communications excise tax of 9% of the sales price of any communications service that originates and/or terminates in this state, establish a 'communications excise tax fund' and a 'communications excise tax local fund' to distribute a portion of the communications excise tax to participating local governments; establish a 'communications excise tax local distribution fund oversight committee' monitor the local distribution fund and oversee distribution amounts, prohibit local governments from levying most taxes or fees on communications services; and to specify that any tax savings from the change to this method of tax shall belong proportionately to the customers of the provider; Amend KRS 132.010 to modify the definition of real property of companies providing communications services; create a new section of KRS Chapter 132 to indicate that only the Revenue Cabinet shall value the tangible personal property of companies providing communications services, and shall allocate that value to local districts where the property is located; amend KRS 136.120 to make all providers of communications services subject to the public service company property tax; amend 139.100 to remove telephone and telegraph communications services from sales tax; amend KRS 136.160 to include prepaid calling cards or arrangements in the sales tax; amend KRS 141.120 to specify how companies providing communications services shall allocate and apportion income; amend KRS 160.613 to remove telephonic and telegraphic communications services from the 3% gross receipts tax for schools; amend KRS 136.070 to define "companies principally engaged in the provision of communications services".

     Feb 15-introduced in House
     Feb 16-to Appropriations and Revenue (H)


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