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HB 295/FN (BR 1075) - C. Belcher, R. Damron, R. Adams, E. Ballard, J. Bowen, Dw. Butler, M. Cherry, L. Clark, H. Collins, H. Cornett, T. Couch, R. Crimm, J. DeCesare, M. Denham, B. DeWeese, T. Edmonds, C. Embry Jr, B. Farmer, D. Floyd, J. Gooch Jr, D. Graham, J. Gray, W. Hall, J. Higdon, C. Hoffman, J. Hoover, D. Keene, T. Kerr, Ji. Lee, G. Lynn, T. McKee, C. Meade, C. Miller, H. Moberly Jr, R. Nelson, F. Nesler, S. Nunn, D. Osborne, D. Owens, R. Palumbo, D. Pasley, T. Pullin, M. Rader, R. Rand, S. Riggs, T. Shelton, C. Siler, A. Simpson, K. Stein, T. Thompson, M. Weaver, S. Westrom, R. Wilkey, A. Wuchner, B. Yonts
AN ACT relating to taxation.
Amend KRS 141.040 to provide an exclusion from the alternative minimum calculation for corporations with income factors below specified thresholds; effective for tax years ending on or after December 31, 2006.
HB 295 - AMENDMENTS
HCS (1/FN) - Amend KRS 141.010 to change the definition of "corporation" and add definitions of "pass-through entity," "S corporation," and "limited liability pass-through entity"; move definitions relating to the alternative minimum tax to a new section; amend KRS 141.0205 to recognize changes to types of credits; amend KRS 141.040 to recognize change in corporate definitions and to keep 7 as top corporate tax rate until January 1, 2009; create a new section of KRS Chapter 141 for the alternative minimum calculation and the replacement for the corporation minimum tax; amend KRS 141.042 to include the new alternative minimum calculation language; amend KRS 141.120 to address pass-through entity apportionment; amend KRS 141.200 to recognize changes to corporate definitions; amend KRS 141.205 to recognize changes to corporate definitions and to make a technical correction; amend KRS 141.206 to recognize changes in definitions and to require withholding on nonresident owners of pass-through entities, allow limited exceptions; amend KRS 141.208 to treat limited liability companies for tax purposes as they are treated by the IRS; amend KRS 141.420 to apply the individual credit for tax years beginning during 2005 and 2006; amend KRS 141.011, 141.068, 141.130, 141.347, 141.400, 141.401, 141.403, 141.405, 141.407, 141.414, 141.415, 141.418, 141.424, 141.428, 141.430, 141.390, 136.505, 154.01-010, 144.125, 144.139, 154.12-2084, 154.12-2086, 154.20-258, 154.23-040, 154.26-090, 154.34-080, and 154.48-025 to conform; make effective for tax years beginning on and after January 1, 2007.
HCS (2) - Amend KRS 141.010 to change the definition of "corporation" and add definitions of "pass-through entity," "S corporation," and "limited liability pass-through entity"; move definitions relating to the alternative minimum tax to a new section; amend KRS 141.0205 to recognize changes to types of credits; amend KRS 141.040 to recognize change in corporate definitions and to keep 7 percent as top corporate tax rate until January 1, 2009; create a new section of KRS Chapter 141 for the alternative minimum calculation and provide an exclusion; amend KRS 141.042 to include the new alternative minimum calculation language; amend KRS 141.120 to address pass-through entity apportionment; amend KRS 141.200 to recognize changes to corporate definitions; amend KRS 141.205 to recognize changes to corporate definitions and to make a technical correction; amend KRS 141.206 to recognize changes in definitions and to require withholding on nonresident owners of pass-through entities, allow limited exceptions; amend KRS 141.208 to treat limited liability companies for tax purposes as they are treated by the IRS; amend KRS 141.420 to apply the individual credit for tax years beginning during 2005 and 2006; amend KRS 141.011, 141.068, 141.130, 141.347, 141.400, 141.401, 141.403, 141.405, 141.407, 141.414, 141.415, 141.418, 141.424, 141.428, 141.430, 141.390, 136.505, 154.01-010, 144.125, 144.139, 154.12-2084, 154.12-2086, 154.20-258, 154.23-040, 154.26-090, 154.34-080, and 154.48-025 to conform; create a new section of KRS Chapter 141 for the limited liability privilege tax; make several technical corrections; make Sections 1 to 38 effective for tax years beginning on and after January 1, 2007; make Section 39 effective beginning for the 2006 tax year.
HCA (1/Title, H. Moberly Jr) - Make title amendment.
HFA (1, C. Belcher) - Include publicly traded partnerships in the list of entities excluded from the alternative minimum tax.
HFA (2, B. Farmer) - Remove phase in of alternative minimum tax; assess entity tax on all, at $250.
HFA (3, B. Farmer) - Remove phase in of alternative minimum tax; assess entity tax on all, at $175; make effective date of entire Act January 1, 2006.
HFA (4, B. Farmer) - Remove phase in of alternative minimum tax; make effective date of entire Act January 1, 2006.
HFA (5, B. Farmer) - Remove phase in of alternative minimum tax; change gross profits and gross receipts calculations; make effective date of entire Act January 1, 2006.
HFA (6, B. Farmer) - Remove phase in of alternative minimum tax; change gross profits and gross receipts calculations; assess minimum tax on all entities; make effective date of entire Act January 1, 2006.
HFA (7, B. Farmer) - Allow previously consolidated groups of corporations to opt out of that consolidation.
HFA (8, J. Gooch Jr) - Include depreciation, amortization, and depletion as deductions in determining "Kentucky gross profits".
HFA (9, B. Farmer) - Apply the alternative minimum tax only to C-corporations; include ownership interests in pass-through entities.
HFA (10, C. Belcher) - Establish a $3 million gross profits cut-off for application of the alternative minimum calculation; clarify that publicly traded partnerships are excluded from the AMC; establish the annual privilege tax at $200 effective January 1, 2006; clarify language and definitions; and make technical corrections.
SCS - Include provisions of GA version of bill; remove provision to change corporate top tax rate, provide a bracket for imposition of the alternative minimum tax; disallow credit for AMC if applied to unrelated income, change the entity tax from a privilege tax to a minimum tax.
CCR - Cannot agree.
FCCR - Amend KRS 141.010 to change the definition of "corporation" and add definitions of "pass-through entity," "S corporation," and "limited liability pass-through entity"; move definitions relating to the alternative minimum tax to a new section; amend KRS 141.0205 to recognize changes to types of credits; amend KRS 141.040 to recognize change in corporate definitions and adjust corporate tax rates; create a new section of KRS Chapter 141 for the alternative minimum calculation and provide an exclusion; amend KRS 141.120 to address pass-through entity apportionment; amend KRS 141.200 to recognize changes to corporate definitions; amend KRS 141.205 to recognize changes to corporate definitions and to make a technical correction; amend KRS 141.206 to recognize changes in definitions and to require withholding on nonresident owners of pass-through entities; allow limited exceptions; amend KRS 141.208 to treat limited liability companies for tax purposes as they are treated by the IRS; amend KRS 141.420 to apply the individual credit for tax years beginning during 2005 and 2006; amend various sections of KRS chapters 141, 136, 144, and 154 to conform; make several technical corrections; effective for tax years beginning on and after January 1, 2007.
Jan 10-introduced in House
Jan 11-to Appropriations and Revenue (H)
Mar 1-posted in committee
Mar 10-reported favorably, 1st reading, to Calendar with Committee Substitute, committee amendment (1-title)
Mar 13-2nd reading, to Rules; floor amendments (1) (2) (3) (4) (5) and (6) filed to Committee Substitute ; posted for passage in the Regular Orders of the Day for Tuesday, March 14, 2006
Mar 14-floor amendments (7) and (8) filed to Committee Substitute
Mar 15-floor amendment (9) filed to Committee Substitute
Mar 16-floor amendment (10) filed to Committee Substitute
Mar 17-taken from the Regular Orders of the Day; returned to Appropriations and Revenue (H); reported favorably, to Rules with Committee Substitute (2) ; posted for passage in the Regular Orders of the Day for Monday, March 20, 2006; placed in the Orders of the Day for Friday, March 17, 2006; 3rd reading, passed 98-0 with Committee Substitute (2), committee amendment (1-title)
Mar 20-received in Senate; laid on clerk's desk; taken from clerk's desk; 1st reading; to Appropriations and Revenue (S)
Mar 21-taken from committee; 2nd reading; returned to Appropriations and Revenue (S)
Mar 24-reported favorably, to Rules with Committee Substitute ; posted for passage in the Regular Orders of the Day for Friday, March 24, 2006; 3rd reading, passed 38-0 with Committee Substitute ; Conference Committee appointed in House
Apr 10-received in House; House refused to concur in Senate Committee Substitute ; Conference Committee appointed in Senate; Conference Committee report filed in House and Senate; Conference Committee report adopted in House and Senate; Free Conference Committee appointed in House and Senate
Apr 12-Free Conference Committee report filed in Senate; Free Conference Committee report adopted in Senate; passed 20-10; House ruled Free Conference Committee Report out of order
Vote History
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