| Last Action | 01/04/22: to Committee on Committees (H) |
|---|---|
| Title | AN ACT relating to taxation. |
| Bill Documents | Introduced |
| Bill Request Number | 337 |
| Sponsors | L. Willner, A. Scott, G. Brown Jr., N. Kulkarni, R. Palumbo, J. Raymond |
| Summary of Original Version | Amend KRS 132.020 to freeze the state property tax rate and eliminate the tax rate reduction for qualified heavy equipment; amend KRS 136.291, 136.500, 136.505, and 136.506 to reinstate the bank franchise tax and exempt financial institutions from corporation income tax and LLET; amend KRS 138.130 to define vapor products and include vapor products in the definition of tobacco products; amend KRS 138.132, 138.135, 138.195, and 138.197 to remove references to vapor products; amend KRS 138.140 to increase the tax on cigarettes, snuff, chewing tobacco, and tobacco products; to remove the vapor products tax; to remove the discount for modified-risk tobacco products; amend KRS 138.143 to require a floor stock tax; amend KRS 138.510 to impose specific surtax amounts on horse racing wagers and to require the revenue generated from the surtaxes to be deposited into the general fund; amend KRS 139.010 to remove boat ramp fees from the list of fees not considered to be taxable admissions; amend KRS 139.200 to remove the tax on small animal veterinary services and to make other various services taxable; amend KRS 139.470 to remove the exemption of gross receipts from the sale of semi-trailers and trailers and to include the new taxable services in the de minimis rule; amend KRS 139.480 to remove the exemption for various types of properties; amend KRS 140.130 to impose an estate tax; amend KRS 141.010 to define married and unmarried individuals and allow a single column return and a single calculation of adjusted gross income with differing thresholds for married and unmarried individuals; amend KRS 141.019 to require a dollar-for-dollar reduction to the retirement income exclusion; to limit the itemized deduction amount for all itemized deductions except for the charitable contribution deduction; to ignore the special rules for capital gains invested in opportunity zones; amend KRS 141.020 to establish graduated tax rate brackets and a phase-out based on income level; amend KRS 141.081 to increase the standard deduction; amend KRS 141.066 to expand the family size tax credit; amend KRS 141.040 to increase the tax rate to 7%; amend KRS 141.0401 to lower the threshold amounts for determining the tax amount owed; amend KRS 141.120 to reinstate the three-factor apportionment formula and include a throw-back rule; amend KRS 141.039 to eliminate the deferred tax deduction; amend KRS 141.201 to sunset the election for consolidated reporting; amend KRS 141.202 to alter the filing requirement basis from waters-edge to world-wide; amend KRS 141.383 to reduce the annual cap; amend KRS 141.433 to sunset the new markets tax credit; amend KRS 142.303 to eliminate the cap on calculation of gross receipts; amend KRS 138.146, 139.260, and 154.61-020 to conform. |
| Index Headings of Original Version |
Deaths - Estate tax, imposition Economic Development - New markets tax credit, sunset Effective Dates, Delayed - Various provisions, delayed effectiveness Effective Dates, Delayed - Estate tax, imposition Effective Dates, Delayed - Excise tax, tobacco rate increase Effective Dates, Delayed - Retail sales tax, taxation of services Health and Medical Services - Healthcare provider tax, gross revenue calculation caps, eliminated Motor Carriers - Gross receipts from sales, repair or replacement parts, sales and use taxes, exemptions, elimination Poverty - Individual income tax, family size tax credit, income level, expansion Retirement and Pensions - Individual income tax, exempt income, expansion Small Business - Limited liability entity tax, gross receipts or gross profit threshold, lowering of Taxation - Bank franchise taxes, reinstate Taxation - Comprehensive tax reform Taxation - Excise tax, tobacco products, rate increase Taxation - Tobacco taxes, rate increase Taxation, Income--Corporate - Combined reporting, filing basis, change of Taxation, Income--Corporate - Film industry tax credit, cap reduction Taxation, Income--Corporate - Financial institutions, exemption Taxation, Income--Corporate - Three-factor apportionment formula, reinstatement Taxation, Income--Individual - Film industry tax credit, cap reduction Taxation, Inheritance and Estate - Estate tax, imposition Taxation, Property - Qualified heavy equipment, tax rate reduction, elimination Taxation, Property - State tax rate level, fixed Taxation, Sales and Use - Motor carrier, exemptions, elimination Taxation, Sales and Use - Repair and replacement parts, exemptions, elimination Taxation, Sales and Use - Services, imposition of tax on selected Taxation, Sales and Use - Small animal veterinary services, exemption Veterinarians - Small animal services, sales and use taxes, exemption Wills and Estates - Estate tax, imposition Wagering - Pari-mutuel taxes, surtax, imposition Aeronautics and Aviation - Aircraft, repair and replacement parts, sales and use tax exemption, elimination Boats and Boating - Ramp fees, sales and use taxes, imposition Horses and Horse Racing - Pari-mutuel taxes, surtax, imposition Vaping - Excise tax, imposition |
| 01/04/22 |
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Last updated: 2/8/2023 2:57 PM (EST)