House Bill 585

Actions
Last Action 03/01/18: to Appropriations & Revenue (H)
Title AN ACT relating to tax expenditures and declaring an emergency.
Bill Documents Introduced
Bill Request Number 1578
Sponsor T. Couch
Summary of Original Version Amend KRS 243.720 eliminate the reduced rate on low-volume distilled spirits and malt beverages; amend KRS 243.884 to equalize the tax rate among all alcoholic beverage taxes and impose the tax on sales made by a small farm winery or wholesaler of wine produced by a small farm winery; amend KRS 171.396 to lower the certified rehabilitation credit cap to $4 million; amend KRS 141.010 to sunset the domestic production activities deduction, to impose income tax on 50% of any dividend income classified as a patronage dividend, to include in net income any dividends-paid deduction of a real estate investment trust, and define the term "credit union"; amend KRS 141.040 to impose income tax on credit unions at reduced income tax rate bracket levels; amend KRS 243.720 to conform; amend KRS 141.422 to reduce the annual biodiesel and renewable diesel tax credit cap to $5 million, the annual cellulosic ethanol tax credit cap to $2.5 million, and the annual ethanol tax credit cap to $2.5 million; amend KRS 141.423 to reduce the amount certified as a tax credit to 50 cents per gallon of biodiesel produced; amend KRS 141.4242 to reduce the amount certified as a tax credit to 50 cents per gallon of ethanol produced; amend KRS 141.4244 to reduce the amount certified as a tax credit to 50 cents per gallon of cellulosic ethanol produced; amend KRS 141.389 to sunset the distilled spirits tax credit; amend KRS 154.32-070 to provide that 100% of the tax liability may be offset with the tax credit if the economic development project is within an enhanced incentive county, and 75% of the tax liability may be offset by the tax credit if the economic development project is outside an enhanced incentive county; amend KRS 141.385 and 141.386 to sunset the tax credits; amend KRS 141.390 to allow 40% of the installed cost of recycling equipment to qualify for the tax credit; amend KRS 138.270 to set the allowance for collecting and reporting the tax at 2%; amend KRS 141.0401 to apply the tax to personal service corporations; amend KRS 141.206 to conform; amend KRS 132.020 to set the state property tax rate for real property at 12.7 cents upon each $100 of assessed value, to increase the 4% ceiling on revenues to 5%, and to increase the rates for certain tangible personal property; amend KRS 139.010 to include the amount charged for labor or services rendered in installing or applying the tangible personal property sold; amend KRS 139.470 to include in gross receipts the sale of a semi-trailer and trailer; amend KRS 139.480 to include, within the definition of retail sale, locomotives or rolling stock, certain agricultural items, property certified as a pollution control facility, and aircraft, repair, and replacement parts therefor, and supplies; amend KRS 139.531 to include the sale of certain horses; amend various sections to conform; repeal KRS 139.483; EMERGENCY.
Index Headings of Original Version Taxation - Tax expenditures, reform of
Taxation, Income--Corporate - Tax expenditures, reform of
Taxation, Income--Individual - Tax expenditures, reform of
Taxation, Property - Tax expenditures, reform of
Taxation, Sales and Use - Tax expenditures, reform of

Actions

Top
02/27/18
  • introduced in House
03/01/18
  • to Appropriations & Revenue (H)


Last updated: 9/1/2020 2:57 PM (EDT)
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