04RS HB249


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HB 249/FN (BR 1114) - H. Moberly, Ji. Lee, B. Buckingham, L. Clark, M. Denham, K. Hall, C. Hoffman, D. Pasley, S. Riggs, M. Weaver

     AN ACT relating to revenue and taxation.
     Amend KRS 141.010 to adopt the provisions of the Military Family Tax Relief Act of 2003, Pub. L. No. 108-121; provide that the provisions of Pub. L. No. 108-121 shall be effective in Kentucky using the same effective dates as provided under federal law.


     HCA (1, H. Moberly) - Make technical corrections.

     SCS/FN - Amend to create new sections of KRS Chapter 142 to provide nonrefundable tax credits of one dollar per gallon for biodiesel producers, two cents per gallon for blenders, and one cent per gallon for retailers of biodiesel fuel; limit total credits available each year for each group (producers, blenders, retailers) to one million dollars; EFFECTIVE January 1, 2005.

     SFA (1, R. Sanders Jr) - Attach provisions of SB 3.

     SFA (2/FN, E. Scorsone) - Amend and create various sections of the Kentucky Revised Statutes to reverse the ITW decision for past tax years; repeal of the corporate license tax; provide for the inclusion of all limited liability entities in the corporate tax base; require mandatory consolidated filing for corporations with nexus in Kentucky; disallow the deduction of certain intangible transactions between related entities; reduce the top marginal corporate tax rate to 6%; impose an alternative minimum calculation based on 9.5 cents per $100 of gross receipts; impose a minimum tax of $250; disallow the net operating loss carryback; expand the definition of "doing business"; reduce the top individual income tax marginal rate to 5.68%; freeze the pension exclusion at the current amount of $40,200 per year; increase the low-income tax credit to $12,000; allow a credit for taxes paid at the corporate level to be passed through to individual members or partners of limited liability entities; repeal the intangible property tax; allow the exclusion of new property in calculating the HB 44 rate; provide a sales and use tax refund for construction and research and development expenses with a total overall limit of approvals for refunds during any year of $25 million; provide a three-day sales tax holiday in 2004 and 2005; expand the sales tax nexus definition; impose a surtax of 26 cents per pack on cigarettes, along with a floor stock tax; impose a tax on smokeless tobacco and other tobacco products; impose an equity assessment on nonparticipating manufacturers; repeal two existing taxes and increases the rate of the wholesale sales tax on distilled spirits, beer, and wine; replace several local and state levies with a uniform communications excise tax at a rate of 7.62% on revenues from the provision of telecommunications services, include in the base both cable and direct broadcast satellite; impose a 1% tax on receipts from the rental of lodging to be deposited in a fund dedicated to supporting and promoting tourism; amend and repeal various sections to conform; provide for various effective dates.

     Jan 9-introduced in House
     Jan 12-to Appropriations and Revenue (H)
     Jan 16-posted in committee
     Jan 20-reported favorably, 1st reading, to Calendar with committee amendment (1)
     Jan 21-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, January 22, 2004
     Jan 22-3rd reading, passed 96-0 with committee amendment (1)
     Jan 23-received in Senate
     Jan 28-to Appropriations and Revenue (S)
     Mar 18-reported favorably, 1st reading, to Calendar; floor amendments (1) and (2) filed
     Mar 19-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Monday, March 22, 2004
     Mar 22-recommitted to Appropriations and Revenue (S); reported favorably, to Rules with Committee Substitute ; posted for passage in the Regular Orders of the Day for Monday, March 22, 2004; 3rd reading; floor amendments (1) and (2) withdrawn ; passed 38-0 with Committee Substitute
     Mar 23-received in House; to Rules (H)
     Mar 24-posted for passage for concurrence in Senate Committee Substitute for Thursday, March 25, 2004

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