14RS House Bill 220

House Bill 220

Actions

Last Action	to Appropriations & Revenue (H)
Title	AN ACT relating to taxation.
Bill Documents	Bill
Impact Statements	Local Mandate
Bill Request Number	284
Sponsors	J. Wayne, T. Burch, J. Crenshaw, K. Flood, D. Graham, J. Jenkins, M. Marzian, R. Meeks, D. Owens, T. Riner, R. Smart
Summary of Original Version	Amend KRS 140.130 to decouple from changes to the federal estate tax since 2003; amend KRS 141.010 to provide for a reduction and phase-out of the pension exclusion, disallow the domestic production activities deduction, establish a cap for itemized deductions, update the Internal Revenue Code reference date, and define "taxpayer"; amend KRS 141.020 to provide for changes to income tax rates; amend KRS 141.0401 to lower the exclusion threshold; amend KRS 141.120 to change apportionment methods to use a "throwback" rule; amend KRS 141.200 to require "combined" reporting for corporations; amend KRS 136.310, 136.530, 141.040, 141.121, 141.205, 141.206, and 141.420 to conform; amend KRS 141.066 to provide for a refundable earned income credit; amend KRS 141.0205 to recognize changes in income tax credits; amend KRS 141.383, 148.544, and 148.546 to make the film industry tax credit nonrefundable and nontransferable; create a new section of KRS 6.900 to 6.935 to require review and sunset of all economic development tax credits; amend KRS 131.190 to allow LRC employees to review selected tax documents; amend KRS 138.210 to set the "floor" price at $2.616 per gallon; amend KRS 138.220 to reduce dealer compensation to 1%; amend KRS 132.020 to make the real property tax rate 12.2 cents per $100, remove the rate adjustment provision, and remove the recall provision; amend KRS 132.260 to clarify requirements for reporting of rental space for mobile/manufactured homes, private aircraft, and certain boats/vessels; amend KRS 132.730, 132.751, 132.810, and 132.815 to clarify property tax treatment of manufactured homes; amend KRS 140.300 to clarify the treatment of agricultural valuation on inherited property; amend KRS 279.200, 279.530, 279.220, and 139.530 to repeal rural electric and telephone co-op taxes; amend KRS 132.097 and 132.099 to amend the exemption for personal property shipped out of state; amend KRS 139.105, 139.200, 139.220, 139.270, 139.340 and 139.740 to impose sales tax on selected services; amend KRS 243.0305 and 243.990 to recognize changes in the distilled spirits case tax; amend KRS 138.130, 138.140, and 138.143 to change the tax on cigarette rolling papers, to raise the tobacco taxes, to impose a floor stock tax, and to tax e-cigarettes; amend KRS 65.125, 65.674, 67.862, 67.938, 67A.843, 68.245, 68.248, 82.095, 97.590, 132.0225, 132.023, 132.024, 132.027, 132.029, 157.440, 160.470, 160.473, 67C.147, 78.530, and 342.340 to remove the provisions of HB 44 that allow for recall of certain tax rates and make conforming and technical changes; create a new section of KRS 138.510 to 138.550 and amend KRS 138.511, 138.530, and 138.550 to provide for an excise tax on advance deposit wagering; repeal KRS 132.017, 132.018, 132.025, 132.720, 143A.035, and 243.710; provide that income tax provisions apply for tax years beginning on or after January 1, 2015, estate tax provisions apply for deaths occurring on or after August 1, 2014, sales tax provisions are effective for periods beginning on or after October 1, 2014, motor fuels tax provisions are effective August 1, 2014, property tax provisions are for assessments on and after January 1, 2015, and advance deposit wagering provisions apply to licensees beginning August 1, 2014.
Index Headings of Original Version	Distilled Spirits - Wholesale sales tax, remove Economic Development - Tax incentives, require review of Minerals and Mining - Limestone, remove tax credit for exports Racing - Advanced deposit wagering, impose tax on Taxation - Comprehensive tax reform Taxation, Income--Corporate - Combined reporting, require Taxation, Income--Corporate - Limited liability entity tax, reduce exclusion threshold Taxation, Income--Individual - Earned income tax credit, create Taxation, Income--Individual - Itemized deductions, limit Taxation, Income--Individual - Pension exclusion, reduce Taxation, Income--Individual - Tax rates, change Taxation, Inheritance and Estate - Decouple from federal estate tax Taxation, Property - Real estate, freeze rate Taxation, Sales and Use - Services, impose tax on selected Taxation, Severance - Limestone, remove credit for exports of Tobacco - Taxes, increase and change imposition of Alcoholic Beverages - Distilled spirits wholesale tax, remove Corporations - Combined filing, require for selected businesses Local Mandate - Local property tax rate, remove recall provisions for setting of

01/16/14	introduced in House
01/21/14	to Appropriations & Revenue (H)