| Last Action | 03/01/18: to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to taxation and declaring an emergency. |
| Bill Documents | Introduced |
| Bill Request Number | 1995 |
| Sponsor | J. Petrie |
| Summary of Original Version | Amend KRS 141.040 to lower the corporation income tax rate brackets effective January 1, 2019; amend various sections to conform; amend KRS 141.020 to lower the individual income tax rate brackets effective January 1, 2019, and to eliminate the personal credit for the taxpayer, spouse, and dependents; amend KRS 139.200 to increase the sales and use tax rate to eight percent effective October 1, 2018; amend various sections to conform; amend KRS 132.020 to eliminate the reduced rate on personal aircraft for property assessed; amend KRS 139.480 to sunset the exemptions for tombstones and other memorial grave markers and machinery used for recycling purposes effective July 1, 2018; amend KRS 139.531 to sunset the exemption for sales of horses less than two years of age effective July 1, 2018; amend KRS 139.538 to suspend the refundable credit until July 1, 2020, for the motion picture production industry and require reporting; create a new section in KRS Chapter 148 to suspend all applications for the film industry credit until July 1, 2020, and require reporting; amend KRS 148.8531 to suspend all applications until July 1, 2020, for tourism development projects and require reporting; amend various sections to conform; amend KRS 141.010 to change the pension income exclusion threshold and to include in adjusted gross income 50 percent of certain gains on the sale of a taxpayer's principal residence; amend KRS 141.390 to suspend until January 1, 2021, the income tax credit for recycling and composting equipment and require reporting; create a new section of KRS 171.396 to 171.397 to suspend applications until July 1, 2020, for certified rehabilitation projects and require reporting; amend KRS 243.886 to sunset the allowance for collecting and reporting certain alcohol beverage taxes effective July 1, 2018; amend KRS 140.210 to sunset the discount on certain inheritance tax payments for dates of death occurring on or after July 1, 2018; amend KRS 141.385 to suspend until January 1, 2021, the railroad maintenance tax credit and require reporting; amend KRS 141.386 to suspend until January 1, 2021, the railroad expansion tax credit and require reporting; amend KRS 143.010 and 143.025 to include transportation expense in the gross value of coal and natural resources severed or processed beginning July 1, 2018; amend various sections to conform; amend KRS 131.190 to exempt certain data provided to the Legislative Research Commission from the confidentiality standards applied to most tax return data; amend various sections to conform; EMERGENCY |
| Index Headings of Original Version |
Effective Dates, Delayed - Tax expenditures, reform of, October 1, 2018 Effective Dates, Emergency - Tax expenditures, reform of, October 1, 2018 Taxation - Tax expenditures, reform of Taxation, Income--Corporate - Rate brackets, modification of Taxation, Income--Corporate - Tax expenditures, reform of Taxation, Income--Individual - Rate brackets, modification of Taxation, Income--Individual - Tax expenditures, reform of Taxation, Inheritance and Estate - Discount for early payment, sunset of Taxation, Property - Aircraft reduced rate, elimination of Taxation, Sales and Use - Rate, modification of Taxation, Sales and Use - Tax expenditures, reform of |
| 02/27/18 |
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|---|---|
| 03/01/18 |
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Last updated: 9/1/2020 2:57 PM (EDT)
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