| Last Action | to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to taxation. |
| Bill Documents |
Bill
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| Impact Statements | Fiscal Note |
| Bill Request Number | 1350 |
| Sponsor | J. Miller |
| Summary of Original Version | Create new sections of KRS Chapter 141 and amend various sections of KRS Chapters 131, 141, and 154 to amend the calculation of the estimated tax penalty; clarify that no interest is due on estimated tax payments; allow for annualized income for taxpayers whose income fluctuates during the year; mimic the federal estimated tax penalty calculation as nearly as practicable; apply to taxable years beginning on or after January 1, 2016; amend KRS 131.183 to require an equalized interest rate for overpayments and underpayments of tax; amend KRS 141.010 to update the Internal Revenue Code reference date to December 31, 2015; apply the interest rate retroactively to all outstanding refund claims and outstanding notices of tax due for taxable years ending prior to the effective date of this Act and to all claims for those taxable years pending in any judicial or administrative forum. |
| Index Headings of Original Version |
Taxation - Income tax, estimated tax penalty, amendment to mimic federal calculation Taxation - Interest rate on overpayments and underpayments, modified Taxation - Internal Revenue Code reference date, updated Taxation, Income--Corporate - Estimated tax penalty, amendment to mimic federal calculation Taxation, Income--Corporate - Interest rate on overpayments and underpayments, modified Taxation, Income--Corporate - Internal Revenue Code reference date, updated Taxation, Income--Individual - Estimated tax penalty, amendment to mimic federal calculation Taxation, Income--Individual - Interest rate on overpayments and underpayments, modified Taxation, Income--Individual - Internal Revenue Code reference date, updated Taxation, Inheritance and Estate - Interest rate on overpayments and underpayments, modified Taxation, Property - Interest rate on overpayments and underpayments, modified Taxation, Sales and Use - Interest rate on overpayments and underpayments, modified Taxation, Severance - Interest rate on overpayments and underpayments, modified Fiscal Note - Interest rate on overpayments and underpayments, modified |
| 02/02/16 |
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| 02/04/16 |
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Last updated: 1/16/2019 3:08 PM (EST)