House Bill 599

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Last Action 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

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


Last updated: 1/16/2019 3:00 PM (EST)