Last Action | 02/10/22: to Committee on Committees (H) |
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Title | AN ACT relating to the natural resources severance and processing tax. |
Bill Documents | Introduced |
Fiscal Impact Statement | Local Mandate |
Bill Request Number | 958 |
Sponsors | J. Nemes, S. Miles |
Summary of Original Version | Amend KRS 143A.010 to redefine "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 a taxpayer may not claim a total amount of credit that exceeds the taxpayer's 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 August 1, 2022. |
Index Headings of Original Version |
Effective Dates, Delayed - Natural resources severance tax, August 1, 2022 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, processing of limestone, loading or unloading |
02/10/22 |
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Last updated: 2/8/2023 2:57 PM (EST)