21RS HB 548

House Bill 548

Actions

Last Action	02/22/21: to Committee on Committees (H)
Title	AN ACT relating to the natural resources severance and processing tax.
Bill Documents	Introduced
Fiscal Impact Statement	Local Mandate
Bill Request Number	1630
Sponsor	J. Nemes
Summary of Original Version	Amend KRS 143A.010 to change the definition of "processing" to include the act of loading or unloading limestone that has not otherwise been severed or treated in the Commonwealth; amend KRS 143A.035 to allow a credit for substantially identical severance or processing taxes paid to another state or political subdivision thereof; provide that no taxpayer may claim a total amount of credit that exceeds his or her tax liability; allow the Department of Revenue to report tax credit information to the Legislative Research Commission; amend KRS 131.190 to authorize the release of information from the Department of Revenue; EFFECTIVE July 1, 2021.
Index Headings of Original Version	Effective Dates, Delayed - Natural resources severance tax, July 1, 2021 Minerals and Mining - Natural resources severance tax, processing of limestone, loading or unloading Taxation - Natural resources severance tax, processing of limestone, loading or unloading Taxation, Severance - Natural resources severance tax, credit for taxes paid to another state Taxation, Severance - Natural resources severance tax, processing of limestone, loading or unloading Reports Mandated - Department of Revenue, natural resources severance tax credit report Local Mandate - Natural resources severance tax, credit for taxes paid to another state